Whether it works or not remains to be seen. Investors so far seem pleased enough, with the IMF, which is owed more than $40bn (£31bn) by Argentina, approving of the reform package, and the key stock market index, the Merval, continuing its rally and up by more than 30pc since Milei was elected last month.
We will find out what happens over the next few years. Looked at from this side of the Atlantic, however, the more interesting question is this: is Milei providing a template that other countries may soon follow?
In the UK, the public sector staffing levels are clearly out of control. According to figures released by the Office for National Statistics (ONS) this week, the Government now employs 5.9 million people. That was an extra 35,000 people compared with June, the last time the figures were calculated, and 135,000 more than at the same time last year.
The main contributors to that were the NHS, with an extra 84,000 people over the last year, taking the total to just a shade under two million, and the Civil Service with 16,000 extra people compared with 12 months ago.
With total payroll employees in the UK now standing at 30 million, the state directly employs one to six salaried employees, and that ratio is rising with every year that passes.
An extra 135,000 people over a single year? Seriously? The number of people the state employs is now so huge that it is hard to get a grip on the sheer numbers. And yet, that is despite the fact that productivity is clearly falling.
Indeed, again according to ONS statistics, the output per state employee fell by 0.6pc in the lastest quarter for which figures are available, and overall productivity is still stuck below its pre-pandemic level.
Milei is doing what Britain should have done a long time ago
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Whether it works or not remains to be seen. Investors so far seem pleased enough, with the IMF, which is owed more than $40bn (£31bn) by Argentina, approving of the reform package, and the key stock market index, the Merval, continuing its rally and up by more than 30pc since Milei was elected last month.
We will find out what happens over the next few years. Looked at from this side of the Atlantic, however, the more interesting question is this: is Milei providing a template that other countries may soon follow?
In the UK, the public sector staffing levels are clearly out of control. According to figures released by the Office for National Statistics (ONS) this week, the Government now employs 5.9 million people. That was an extra 35,000 people compared with June, the last time the figures were calculated, and 135,000 more than at the same time last year.
The main contributors to that were the NHS, with an extra 84,000 people over the last year, taking the total to just a shade under two million, and the Civil Service with 16,000 extra people compared with 12 months ago.
With total payroll employees in the UK now standing at 30 million, the state directly employs one to six salaried employees, and that ratio is rising with every year that passes.
An extra 135,000 people over a single year? Seriously? The number of people the state employs is now so huge that it is hard to get a grip on the sheer numbers. And yet, that is despite the fact that productivity is clearly falling.
Indeed, again according to ONS statistics, the output per state employee fell by 0.6pc in the lastest quarter for which figures are available, and overall productivity is still stuck below its pre-pandemic level.
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