“Kwasi Kwarteng gives himself three weeks to come up with debt-cutting plan
Chancellor brings announcement forward to October 31 as gilt markets sell off despite BoE intervention
Chancellor Kwasi Kwarteng is to rush forward his new debt-cutting plan — and official forecasts — to October 31, as he attempts to prove he can get a grip on the public finances and fill in a fiscal hole estimated at tens of billions of pounds. But financial markets remain highly nervous and some senior Conservatives believe Kwarteng will struggle to come up with a plausible medium-term debt reduction plan in time for the Halloween statement. “The sums don’t add up,” said a former Tory Treasury minister, arguing that massive public spending cuts would be politically impossible. “You can do it on the back of a fag packet. It’s not going to work.” The Bank of England also failed to settle investor nerves on Monday.“
https://www.ft.com/content/0f670179-...3-06d019d26c7d
Can’t make this shut up - what’s next: Black Wednesday Budget Statement?
Chancellor brings announcement forward to October 31 as gilt markets sell off despite BoE intervention
Chancellor Kwasi Kwarteng is to rush forward his new debt-cutting plan — and official forecasts — to October 31, as he attempts to prove he can get a grip on the public finances and fill in a fiscal hole estimated at tens of billions of pounds. But financial markets remain highly nervous and some senior Conservatives believe Kwarteng will struggle to come up with a plausible medium-term debt reduction plan in time for the Halloween statement. “The sums don’t add up,” said a former Tory Treasury minister, arguing that massive public spending cuts would be politically impossible. “You can do it on the back of a fag packet. It’s not going to work.” The Bank of England also failed to settle investor nerves on Monday.“
https://www.ft.com/content/0f670179-...3-06d019d26c7d
Can’t make this shut up - what’s next: Black Wednesday Budget Statement?
Comment