Economic Weekly: When government debt takes a Pounding

  • While NZ had a long weekend in memory of Queen Elizabeth II, the UK sparked off a round of financial market volatility that is catching up with NZ this morning
  • Under the helm of the new Prime Minister, the UK Government has announced a package of tax cuts and cancelled tax increases, including abolishing the top 45% tax rate, cancelling a proposed corporate tax increase, and setting up investment zones in the UK that will enable businesses to benefit from lower tax rates and less red tape within them
  • The package is intended to help lift the UK’s long-term growth rate to 2.5%, “delivering high productivity and wages”.  However, coming hot on the heels of an expense energy cost relief package, with a background of a likely recession, it has raised concerns about the soundness of the UK fiscal position

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Mark Smith

Senior Economist

Mark joined ASB in 2017, with over 20 years of public and private sector experience working as an economist in New Zealand and the UK.

His resume includes lengthy stints at ANZ and the Reserve Bank of New Zealand, and he has also worked at the Bank of England, HM Treasury and the New Zealand Transport Agency. Mark's areas of specialisation include interest rate strategy, macro-economic analysis and urban economics.

Born and bred in the Waikato, Mark studied at Waikato University where he graduated with a Master of Social Sciences, majoring in Economics.

Mark's key strengths are the ability to use his extensive experience, inquisitive nature, analytical ability, creativity and pragmatism to dig a little deeper and to deliver common sense solutions to tackle complex problems.

When not at work Mark likes to travel, keep fit and spend time with his friends and family.