Connect with us

International

UK’s Liz Truss holds emergency meeting with budget watchdog

Published

on

 


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%.

Sources

1/ https://Google.com/

2/ https://www.cnbc.com/2022/09/30/britains-liz-truss-to-hold-emergency-talks-with-budget-watchdog.html

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]