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27-09-2022, 08:24 AM
Adam Forrest
Mon, 26 September 2022 at 6:29 pm
Some Conservative MPs have already sent letters of no-confidence in Liz Truss’s leadership over fears she will “crash the economy”, a former minister has claimed.
Top economists, currency markets, opposition parties and some Tory MPs have reacted with dismay to the prime minister and chancellor Kwasi Kwarteng’s borrowing-fuelled tax cut spree.
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“The issue is government fiscal policy is opposite to Bank of England monetary policy – so they are fighting each other. What Kwasi gives, the Bank takes away ... You cannot have monetary policy and fiscal policy at loggerheads.”
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The pound plummeted to its lowest level against the dollar since decimalisation in 1971, falling more than 4 per cent. It regained some ground to a 20-year low of US$1.05 before recovering further to US$1.075 just after 10am this morning.
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Labour’s Rachel Reeves ...... told Times Radio: “Financial markets are unimpressed, the British public are unimpressed … Because they’re not gambling with their own money – they’re gambling with all our money, and it’s reckless and it’s irresponsible as well as being grossly unfair.”
Mr Kwarteng and Ms Truss are reportedly ready to go further in their tax-cutting, borrowing spree in the New Year, with possible further reductions in income tax. The chancellor told the BBC on Sunday there was “more to come”.
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In a sign of Tory unease, former chancellor George Osborne urged the government to end the “schizophrenic” policy of slashing taxes and increasing borrowing.
And Tory grandee Ken Clarke compared the Truss-Kwarteng plan to cuts taxes for the wealthy to Latin American governments. “I’m afraid that’s the kind of thing that’s usually tried in Latin American countries without success,” he told BBC Radio 4.
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“I don’t believe that the government has a growth plan. They say they do, but you know – you could say pigs can fly but they can’t,” Ms Reeves told Times Radio. “Trickle down economics has failed in the past, it will fail again.”
https://sg.news.yahoo.com/liz-truss-tory...45570.html
Mon, 26 September 2022 at 6:29 pm
Some Conservative MPs have already sent letters of no-confidence in Liz Truss’s leadership over fears she will “crash the economy”, a former minister has claimed.
Top economists, currency markets, opposition parties and some Tory MPs have reacted with dismay to the prime minister and chancellor Kwasi Kwarteng’s borrowing-fuelled tax cut spree.
......
“The issue is government fiscal policy is opposite to Bank of England monetary policy – so they are fighting each other. What Kwasi gives, the Bank takes away ... You cannot have monetary policy and fiscal policy at loggerheads.”
......
The pound plummeted to its lowest level against the dollar since decimalisation in 1971, falling more than 4 per cent. It regained some ground to a 20-year low of US$1.05 before recovering further to US$1.075 just after 10am this morning.
......
Labour’s Rachel Reeves ...... told Times Radio: “Financial markets are unimpressed, the British public are unimpressed … Because they’re not gambling with their own money – they’re gambling with all our money, and it’s reckless and it’s irresponsible as well as being grossly unfair.”
Mr Kwarteng and Ms Truss are reportedly ready to go further in their tax-cutting, borrowing spree in the New Year, with possible further reductions in income tax. The chancellor told the BBC on Sunday there was “more to come”.
......
In a sign of Tory unease, former chancellor George Osborne urged the government to end the “schizophrenic” policy of slashing taxes and increasing borrowing.
And Tory grandee Ken Clarke compared the Truss-Kwarteng plan to cuts taxes for the wealthy to Latin American governments. “I’m afraid that’s the kind of thing that’s usually tried in Latin American countries without success,” he told BBC Radio 4.
......
“I don’t believe that the government has a growth plan. They say they do, but you know – you could say pigs can fly but they can’t,” Ms Reeves told Times Radio. “Trickle down economics has failed in the past, it will fail again.”
https://sg.news.yahoo.com/liz-truss-tory...45570.html
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