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The British economy and Brexit: The right kind of budget 1#原文句子#Evidenceaboundsthat businesses are holding off on investment as they wait for clarity about Britains future relationship with the EU.试译:很多公司正推迟投资因为他们在等待一个明确的交代关于英国与欧盟未来的关系,这样的证据大量存在。#扫清生词#hold off 推迟clarity n. 明确,清晰#写作表达#如何写“有很多” therere many therere a large number of abounde.g. 1 Ah, the holiday that time of the year when stressabounds. (Let this Amtrak video ease some of that holiday stress - Washington Post)e.g. 2 Yet uncertaintyabounds: though Mr Trump has promised huge tax cuts, deficit hawks in Congress may restrain him. (Wishful thinking? Trumpflation - The Economist)2#原文句子#He has alreadyditchedthe target set by his predecessor of reaching a budget surplus by 2020.试译:他已经抛弃了由他的前任所设定的目标,即在2020年以前达到预算盈余。#扫清词汇#ditch n. 沟,渠 v. 抛弃,扔掉predecessor n. 前任budget n. 预算surplus n. 剩余,过剩#写作表达#如何写“抛弃,扔掉” give up abandon, get rid of ditche.g. 1 One of the most controversial policies launched under David Cameron has beenditchedin a humiliating Tory U-turn. (The Tories just quietlyditchedone of David Camerons most hated housing policies - Mirror.co.uk)e.g. 2 After meeting with Obama and lunching with House Speaker Paul Ryan, Trumpditchedthe media again. (Donald Trump ditched the media twice in one day - Washington Post)3#原文句子#Investing in transport, housingand suchlikewill boost Britains long-term growth potential as well as propping up spending in the short term.试译:在交通、住房及同类行业上的投资将会推动英国的长期增长潜力,也能扶持短期的支出。#扫清词汇#suchlike adj. 这样的;诸如此类的 pron. 这一类的事物,诸如此类的东西boost v. 推动,促进prop up 支撑;扶持#写作表达#如何写“等等,此类” and so on,and something like that and suchlike, alikee.g. 1 As described in a 1657 ordinance, when New York was still called New Amsterdam, “ many burghers and inhabitants throw their rubbish, filth, ashes, dead animalsand suchlikethings into the public streets to the great inconvenience of the community.” (What does New York do with all its trash? One citys waste in numbers - The Guardian)e.g. 2 This is not to praise myself: this is to say to people to think for themselves and not to abdicate their thinking to media, opinion polls, drawing room chatterand suchlike. (Lets Stop Indulging the White Man, Misogyny Won Trump the Polls Google press release)4#原文句子#By global rankings, the quality of British infrastructure has slipped in recent yearshardly a surprise whenpublic-sector net investment is down by a quarter since 2010-11.试译:根据全球排行,最近几年英国基础设施的质量一直在下滑这并不奇怪,自2010-11年以来,国营部门净投资下降了四分之一。#扫清词汇#ranking n. 排名infrastructure n. 基础设施slip v. 变坏,下降#写作表达#如何写“,这是因为” , because / for ., which is due to the fact that , hardly a surprise / which is no surprise when / come as no surprise whene.g. 1 The resultscome as no surprise whenGoogle emerged the fastest in all the locations chosen with an offering of 75 percent faster speeds than that of the Eero and twice as that of the Luma in the living room. (Google Wi-Fi Crushed Other Routers In Speed Test - University Herald)e.g. 2 That was pretty clear to everyone, so it washardly a surprise whenthe LME jacked up the trading fees at the end of the moratorium period. (London Metal Exchange may need to look to China - Financial Times)原文:The Economist | The British economy and Brexit: The right kind of budget TWOmonths on from Britains vote to leave the European Union, the economyhas not plunged. The stockmarket has recovered strongly; retail spending remainssolid. Yet it would be foolish to sound the all-clear (see article). Evidenceabounds that businesses are holding off on investment as they wait for clarityabout Britains future relationship with the EU. The fall in the pound willsoon put a squeeze on real take-home pay. And, on past form, a burst ofexport-led growth is unlikely to compensate.Slower growth seems inevitable and the economy could yet fall intorecession. The Bank of England has done what it can to prevent this, cuttingthe base rate of interest to near zero and launching another round of“quantitative easing” (bond-buying), alongside an array of “macroprudential”tools to ensure that lower borrowing costs filter through to firms andindividuals. But now the limits ofmonetary policyareapproaching. It is time for fiscal policy to play a bigger role.That task will fall to Philip Hammond, the newish chancellor, in theautumn statement, a mini-budget which is usually presented to Parliament inNovember or December. Mr Hammonds job is complicated by the differentdirections in which Brexit pulls Britains fiscal arithmetic. The voterepresents a shock to supply, potentially lowering the rate of growth theeconomy can sustain, and to demand, as business investment is suspended. Fiscalstimulus cannot help much on the supply front, but it canand shouldfill infor the loss of demand.Mr Hammonds best move would be to undo the most ill-judged bits of thefiscal strategy he inherited. He has already ditched the target set by hispredecessor of reaching a budget surplus by 2020. That was easy: the target wasa daft one and, even without Brexit, the government was unlikely to hit it. Thenext step should be to cancelfiscal tighteningplannedfor 2017-18. Current policy calls for a reduction in the budget deficit,adjusted for the economic cycle, of 0.8% of GDP. That would be a tight squeezeon a strong economy; with Brexit looming, it looks wholly unwise. Furtherprogress on deficit reduction should wait until the clouds from Brexit clear.How to spend itInstead there is a case for stimulus, focused on two areas: more publicspending on infrastructure and a reversal of the planned cuts to in-workbenefits for the low-paid. Investing in transport, housing and suchlike willboost Britains long-term growth potential as well as propping up spending inthe short term. And it is sorely needed. By global rankings, the quality ofBritish infrastructure has slipped in recent yearshardly a surprise whenpublic-sector net investment is down by a quarter since 2010-11. Overcrowdingon trains travelling into London has doubled since 2009. Twice as many carsbreak down after encounters with pot-holes as did a decade ago. Congestion, asmeasured by the number of on-time journeys, is 3% worse than in 2011.Mr Hammond might be tempted to take advantage of low borrowing costs tosplurge on big, shiny projects. Several such schemes are on the horizon:airport expansion in south-east England; a high-speed railway between Londonand the north; a road tunnel, perhaps the worlds longest, under the Pennines(see article). These would all help to get the economy going eventually. But insome cases they are years away from getting started. The priority should besmaller projects that generate fewer headlines but can begin immediately. MrHammond has several options: he could increase rewards for local councils thatallow more housebuilding, or raise spending on local buses and roads, whichhave endured big cuts since 2010.The second area of focus should be welfare, which under current plans ison the wrong side of the line between tough love and inequity. Tax and benefitchanges planned for the next four years will squeeze the incomes of some of thepoorest households by as much as 12%. Tempering those cut
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