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If Truss becomes prime minister, sterling will crash and more

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If Truss becomes prime minister, sterling will crash

By Meghnad Desai

The economic debate among the two candidates bidding to become the next British prime minister shows a frightening sense of unreality. Liz Truss, the foreign secretary, is the frontrunner in the contest, to be decided by 5 September in a poll of Conservative party members. If she wins, and enacts her promise of immediate tax cuts, the only safe prediction is that sterling will crash. The pound’s fall on 4 August – after the Bank of England raised its headline rate to 1.75% and warned of 13% inflation and a protracted recession – delivers a taste of things to come.

 SPI partners with Global Ethical Finance Initiative
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OMFIF’s Sustainable Policy Institute has become a partner of the Ethical Finance Global 2022 summit, held on 6 September in Edinburgh by the Global Ethical Finance Initiative. Now in its seventh year, the summit brings together speakers from around the globe to discuss climate, social finance and more. 
 
 MEETINGS 
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Economic priorities for Germany and the euro area
Wednesday 24 August, Roundtable
Steffen Meyer, head of the department for economic, financial and climate policy at the German chancellery, discusses Germany’s economic issues, including domestic growth and inflation, the impact of Russia’s invasion of Ukraine and climate action. 
 
 ON DEMAND 
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Why public asset owners are at an inflection point
Public asset owners are at an inflection point as traditional investment strategies are challenged by a rapidly changing landscape. Sovereign funds, public pension funds and central banks, which collectively hold over $40tn in assets, need to adapt to an industry in flux to achieve their core goals. 
 
 LATEST REPORT
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Sustainable Policy Institute Journal
In the summer edition of the journal, contributors lay out why the ‘S’ in ESG is becoming a priority for investors and why social and human rights issues are taking centre stage.

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