HomeEconomyChallenging 'orthodoxy', Kwarteng sticks after UK market slump Economy Challenging 'orthodoxy', Kwarteng sticks after UK market slump By inew September 29, 2022 0 112 views Share FacebookTwitterPinterestWhatsApp TWTR +2.47% Add to/Remove from watchlist Add to watch list Add Location Job added successfully: Please name your portfolio type: purchase Sell date: quantity: price Point value: Leverage:1:1 1: 1: 1: 1: 25 1: 25 1: 1: 10 1: 52 Committee: 2010 44334 76 CREATE NEW WATCH LIST CREATE201076 44334 Create a new holding portfolio Add Create 202476 + Add another position to close Author: Sinead Cruise, Alistair Smout and Elizabeth Piper LONDON (Reuters) – Kwasi Kwarteng, the new Brit finance minister, wants to overthrow the Treasury bloc A bloc that thinks he and new Prime Minister Liz Truss are holding back Britain’s retreat. Instead, he saw his first fiscal statement give the pound, the bond market, the financial credibility of his party And probably his own political career was affected. Earlier this month, Conservative Party members chose Truss to run the country with a low-tax agenda that swears To challenge “treasury orthodoxy” to make the country work again. To realize this vision, Kwarteng dismissed the most senior of the Ministry of Finance officials, and unveiled a series of unfunded tax cuts in a bid to reverse a “vicious economic cycle.” Stagnation enters a virtuous cycle of growth”. what year-old release is a vicious cycle of declining market confidence, fleeing UK assets, etc. The Bank of England was forced to start buying bonds causing damage to the UK bond market. According to a source in the Ministry of Finance, Kwarteng There are no plans to resign or withdraw any policies. Another person familiar with the matter said Truss stood by her finance minister, whose official title is Chancellor of the Exchequer. ” a spokesman for the Prime Minister and Prime Minister Truss said. Investors, traders, government officials and even some ruling Conservative MPs are increasingly arguing that to fix the problem, policy must be reversed, or even Kwatten’s resignation. A government source who has worked closely with Kwarteng in the past told Reuters it was difficult to see how he could survive. “He’s so close to Truss that you have to wonder if she’s ruthless enough to cut off one of her longest-standing allies very quickly during her tenure.” sources pointed out that Truss supported the plan from start to finish. A YouGov poll this week shows support for the ruling Conservative Party has fallen, key to economic plans Some are unpopular with voters. Keiran Pedley, head of research at pollster Ipsos, said early data showed that , the opposition Labour Party is increasingly trusted in managing the economy, which means the government is in danger going into the next election, expected in 2010. ” if this continues , which is a real problem for the Conservatives because that’s often one of their key brand assets,” he told Reuters. do something different The first black minister of the United Kingdom , Kwarteng is the son of Ghanaian immigrants. He attended Eton College, one of the UK’s most prestigious private schools, which has been the alma mater of numerous politicians. Kwarteng won a “Double First” in Classics and History at Cambridge University and studied at Harvard University in the United States. He was appointed in September. 6. He will have to work another week if he is to avoid becoming the shortest-serving prime minister in British political history. In Kwarteng, Truss has chosen a key ideological ally with whom she co-authored a book on a low-tax, Small country, deregulated UK vision. Legislators since and an economic historian known for his ingenuity, some say Kwarteng has no experience in running a huge Treasury. A senior Conservative source said before his appointment that the Treasury would “approve his brain (but) disapprove of his independence.” This desire to do things differently was on display when he immediately sacked Tom Scholar as permanent secretary to the Treasury, with academics saying: “The prime minister thinks it’s time New measures taken. Leadership.” Institute for Fiscal Studies director Paul Johnson said Friday’s small budget results showed why it should be Welcome to the economic “orthodox” evidence-based knowledge window. “It requires testing and challenges, but experience has taught us that it is really dangerous to simply ignore it,” he tweeted (New York Stock Exchange Code: 76 TWTR ). Truss and Kwarteng’s determination to refuse to question voices was also reflected in the composition of the first ministerial cabinet, with no leading supporter opponent Rishi Sunak being given a role. Sunak had warned during the leadership campaign that Truss’ plan would jeopardize Britain’s economic credibility, but she saw his caution as “negative.” , the language of rejectionism.” Stupid Crazy Kwarteng was equally dismissive of his September criticism. fiscal statement, emphasizing that it will drive growth. “The unacceptable and unsustainable idea is that we will – year highs and we can go on Simply raising taxes. It’s not sustainable, something has to change and I’m glad we changed that,” he told the BBC on Sunday. He declined to comment on the market plunge. Another aspect that has drawn investor ire is Kwarteng’s decision to release the fiscal plan without a review by the independent Office of Budget Responsibility. Markets tumble as investors deal with details: GBP/USD hits record low early Monday, long-term bond yields A record low hit a 20-year high on Wednesday, with the International Monetary Fund calling for a reconsideration. “He will not be responsible for any confusion in the market at the moment,” the government source said of Kwarteng. “He would say: The medicine doesn’t taste good, but the country needs to swallow it.” Kwarteng will formulate medium-term financial plan and OBR to 11 Monthly government loan scale . First, he has to speak at the party’s annual meeting next week, where discontent has been made public. “These are not circumstances beyond the government’s (or) Treasury’s control. They are written there,” the legislation said. said Simon Hall. “This incompetent madness cannot go on.” For some, Kwarteng, a staunch Brexit supporter, has taken the form of downplaying market moves, with the London Evening Standard reporting his publication on the night Britain’s vote to leave the EU shocked markets indirect comments. “Who cares if the pound crashes?” he reportedly said. “It will come again.” 47 Share FacebookTwitterPinterestWhatsApp Previous articleAnalysis – Goodbye, TINA: Rising yields dim outlook for troubled U.S. stocksNext articleYuan rebounds from 14-year low after PBOC verbal warning inewhttps://inew.news RELATED ARTICLES Economy Boris Johnson hands COVID-era WhatsApps to UK government amid inquiry row May 31, 2023 Economy Without action on jobs, low-income countries will fall behind – ILO May 31, 2023 Economy China VC funding set for weakest first half in 8 years May 31, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! 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