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UK’s Liz Truss holds emergency meeting with budget watchdog




British Prime Minister Liz Truss and British Finance Minister Kwasi Quarteng.

Dylan Martinez | App | Getty Images

London’s Prime Minister Liz Truss and Treasury Secretary Kwasi Kwarteng met on Friday with the UK’s independent monetary monitoring body, the Office for Budget Responsibility.

After a turbulent week in the UK market and economy after Kwarteng announced a “mini-budget” on 23 September, when the pound fell to an all-time low, the Bank of England stepped in as gold yields surged and mortgages grew. The deal was canceled as banks feared they would become unable to afford interest rates.

Sterling is now back to pre-mini-budget levels, trading around $1.1118 early Friday morning.

OBR Director Richard Hughes said the two ministers discussed the country’s economic and fiscal outlook and the prospects they are preparing for Kwarteng’s “medium-term fiscal plan”.

The first draft of the forecast will be delivered to the Finance Minister on October 7th and the full forecast schedule will be released next week.

A statement provided by OBR said, “As always, [its] Independent judgment of the economic and fiscal outlook and the impact of government policies”

According to Jagjit Chadha, director of the National Institute of Economic and Social Research, the prime minister and finance minister now most likely wanted to revise and release their latest fiscal plan with experts like OBR.

“The kind of intervention they had in mind wasn’t suitable for the current economy, and I think they regret not trying to scrutinize their ideas before exposing them,” Chadha told CNBC.

Also, it’s hard to say how Friday’s meeting will have an impact, but “it’s just the beginning,” Chadha said.

“The process of rebuilding a bridge that has been almost burned down in the last few weeks should be quite long,” he told CNBC.

According to the BBC, OBR has prepared an overall economic forecast ahead of the September 23 mini-budget, but the UK Treasury has decided not to publish it.

When presenting to fellow lawmakers, Kwarteng said the full forecast would be released “before the year-end”, and the full budget report is now expected to come out on November 23rd.

The IMF said the measures presented in the subsequent mini-budget “will exacerbate inequality” and that the UK government should “consider how to provide more targeted assistance and re-evaluate tax measures”. , especially those who benefit high-income earners.”

A growing number of economists and investors are pushing the plan, including Ray Dalio, founder of Bridgewater, one of the world’s largest hedge funds, who said the proposed measures suggest the government’s incompetence. .

According to Richard Portes, professor of economics at London Business School, Britain now has “ideological government”.

“Some have called their economics ‘stupid economics,'” Portes told CNBC.

“I’m Richard Hughes [head of the OBR] It will be converted,” Portes added.

Conservative support plummeted

Recent government action has left the current Conservative Party unpopular with the British public. According to the latest YouGov study, around 54% of respondents to the survey said they would vote for the Left Labor opposition if a general election were held in the near future.

Labor currently leads the Conservatives by 33 points, according to opinion polls, the highest number the party has received in any poll published since the late 1990s. Meanwhile, the number of voters willing to vote for the Conservative Party fell to 21%.




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