Finance Minister Kwarsi Kwartengu is scheduled to hold an emergency meeting with the Prime Minister today on the future of the government’s recent mini-budget.
Kwarten canceled a meeting scheduled for the IMF in New York last night and boarded a late-night flight back to London.
The timing of the meeting between Prime Minister and Prime Minister coincides with the Bank of England’s final bond auction today between 2.15 and 3.45m.
The fact that the Prime Minister and Prime Minister are currently negotiating is suggested to contain volatility in the 45-minute window between the end of today’s bond auction and the weekend market closure at 4:30pm. .
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With the Bank of England Governor Andrew Bailey’s statement that he will not be buying bonds after 3:45pm today amid continued tensions in the pension market, some have speculated that Bailey will: suggesting that it has embarked on a game. “Chicken” with the government.
Comparing Mr Quarten’s sudden return to London to the problems faced by Prime Minister James Callahan in January 1979, Conservative MP Simon Hoare wrote on Twitter this morning: What crises come to mind? ”
Hoare’s comments reflect a growing enthusiasm within the Conservative Party in Parliament.
Conservative MP Johnny Mercer tweeted: “I know that I understand it, that most of us understand it, and that I will do everything I can to change it. I want it. It’s heartbreaking. It’s unconscionable. It’s politically unviable.”
Speaking on BBC Radio 4’s Today program this morning, Mel Stride, Chairman of the Commons Treasury Task Force, said: Reliability is now firmly back on the table. I think that means doing something now instead of delaying it until the end of the month. I think it also means doing something very important. Central to this is the elimination of positions on corporate tax. ”
Continuing, Stride said: Unfortunately, I don’t think it will work, and in the worst case it will make a U-turn, but it doesn’t really solve the market. ”
The pound has risen 2% against the dollar in recent days. This is largely due to expectations that the government will reorient its tax and spending plans.
A YouGov poll released yesterday showed Labor’s lead in the poll has grown to 28% (up from 51% to 23%), allowing the prime minister and prime minister to politically survive the scale of the U-turn. An open question has been raised as to whether financial markets appear to be demanding.
It was suggested this morning that the government’s difficulties were also related to Liz Truss’ ousting political opponents when she took office as prime minister.
Speaking to BBC Radio 4’s Today program this morning, former Conservative Party leader William Hague said: It will only create more rebellions in the future. It creates dissatisfaction that makes it difficult for the party to unite.”
His comments follow those of former Conservative Prime Minister Kenneth Clark, speaking to BBC 2’s Newsnight last night. Just like the Truss administration stepped in. ”
Lord Clarke warned the Prime Minister not to dismiss him, saying, “I will not dismiss Kwasi Kwarten. It is not even clear that it is actually his budget. Nor will the political response be, “Oh, he just got scapegoated.” If she fires him, she’ll be in trouble. If he just resigns, she’ll be in trouble. ”
Nevertheless, some Conservative MPs say they are less enthusiastic about a major U-turn. Former Conservative minister John Redwood said this morning that “higher taxes to make businesses less competitive and delay investment could lead to higher deficits and more borrowing.” Combined with high energy prices, the economy will slow down enough to keep inflation under control.”
https://www.politics.co.uk/news/2022/10/14/chancellor-and-pm-to-hold-crisis-talks-as-markets-price-in-a-mini-budget-u-turn/ The prime minister and prime minister will hold a crisis meeting as the market price of the mini-budget U-turn.