New finance minister Jeremy Hunt promised to win back Britain’s economic credibility by accounting for every penny of the government’s tax and spending plans, while insisting that his boss Prime Minister Liz Truss remained in overall charge.
The knock on effects forced the Bank of England to make an emergency intervention to protect pension funds and drove up mortgage costs – adding to the squeeze on Britons’ finances. Britain’s economy is at risk of going into recession at the same time as the Bank of England is raising interest rates to control soaring inflation. Bank of England Governor Andrew Bailey said on Saturday he thought a big increase in interest rates would be needed in early November.
After effectively dismantling Truss’s gamble that tax cuts would spur increased growth and pay for public spending, Hunt has said he will go further including imposing tighter spending controls and some tax rises. “Basically we’ve moved from looking not too dissimilar from the U.S. or Germany as a proposition to lend, to looking more like Italy and Greece,” former Bank of England Deputy Governor Charlie Bean told Sky.
Truss wrote an article in the Sun admitting that her plans had gone “further and faster than the markets were expecting.”
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