economist

Eduardo Levy Yeyati, a former chief economist at the Central Bank of Argentina, says the impact on commodity prices and global demand is a "serious headwind" for South America.

He has produced a ludicrous tariff policy which every economist, hedge fund manager, CEO, small businessman and stock trader knows is virtually designed to cause inflation, if not stagflation and recession.

Grant Fitzner, chief economist at the ONS, said despite the government receiving a "substantial boost in income" from taxation, "expenditure rose by more, largely due to inflation-related costs, including higher pay and benefit increases".

In general, economists say building more homes reduces upward pressure on home prices and rents, and new development also tends to boost tax revenue.

IMF chief economist Pierre-Oliver Gourinchas said the global economy "still bears significant scars" from the "severe shocks of the past four years".