“It does seem pretty clear that the government is preparing a U-turn on at least a very big chunk, if not half, the permanent tax cuts in the budget,” Harrison said in a Bloomberg Television interview on Friday. “And if we don't get that, then the markets will react very negatively.”
Truss plans a press conference later Friday to disucss the economy, and Kwarteng arrived in London this morning after cutting short his trip to the International Monetary Fund's autumn meetings in Washington. “Given the situation they are in, acting early to stem the bleeding of markets, regain some stability, definitely buys them some time, and I think that's the best they can hope for at the moment,” Harrison said.
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