The British do not know the word “wumms” for particularly large fiscal measures.
Finance Minister Kwasi Kwarteng would describe it as a fiscal “big bang”.
In any case, the tax cuts he has now announced are even bigger than expected and so massive that the members of his own party in the House of Commons fell into an incredulous silence before applauding and cheering.
Two weeks after new Prime Minister Liz Truss took office, her Chancellor of the Exchequer presented the UK's biggest tax cuts in fifty years.
Everything for more growth, says Kwarteng.
That the capital market is reacting very skeptically, that British government bonds are falling and the pound is depreciating?
"The markets do what they want," Kwarteng remarked coolly.
He makes a very risky and very expensive bet.
In addition to an energy price cap of around £150 billion over two years, it will cut taxes and social security contributions by tens of billions and introduce new tax incentives for investment.
The highly expansive fiscal policy will probably shorten the forthcoming recession, but it will also exacerbate inflationary pressures.
This is forcing the central bank to take even stronger countermeasures.
The British economy is very satisfied with the tax cuts.
On the capital and foreign exchange market, however, one looks worried.
The Chancellor of the Exchequer risks further depreciation of the pound, making imports more expensive and widening the current account deficit.
An escalating dual deficit could bring a pound and sovereign finance crisis.
It is uncertain whether Kwarteng's orgy of tax cuts will really stimulate higher growth in the long term or whether it will only produce a debt-financed sham boom.
Growth is likely to pick up slightly, but his expectations are overblown.
What really matters to Truss is a change in political mood: Great Britain will be voting in just over two years.
The tax turnaround should help the party.
But a crash in market confidence could throw a spanner in the works for Kwarteng.