there will be a lot of scrutiny. because the economic picture is different to the one we had over the summer. we know that the cost of borrowing, for example, has gone up. that puts a bit more of a squeeze on what the government can do. we know that the treasury is looking at the £40 billion black hole that it has to fail. that is going to mean, because of the choices the chancellor is making, that there are probably spending cuts to come and probably spending cuts to come and probably tax rises to accompany them. that means that mr sunak is going to have to set out to the country exactly what his priorities are. there are some interesting cabinet appointments that might give us a flavour of where some of his priorities do live. 0ne us a flavour of where some of his priorities do live. one of the ones that arrived was mel stride, a key ally of rishi sunak, now the pension sector. a couple of weeks ago, he
the mini budget? yes. the fundamental the mini budget? yes. the fundamental thing - the mini budget? yes. the fundamental thing the - the mini budget? yes. the l fundamental thing the prime minister wants to do and i want to do minister wants to do and i want to do is minister wants to do and i want to do is be minister wants to do and i want to do is be completely honest with to do is be completely honest with the to do is be completely honest with the country. trussonomics reverse, with the country. trussonomics reverse. tax with the country. trussonomics reverse, tax cuts with the country. trussonomics reverse, tax cuts likely - reverse, tax cuts likely replaced with tax rises, huge investment replaced with a spending slowdown. the rethink is largely driven by the turmoil in the financial markets since the mini budget announced. the founders that a torrid time, the effective cost of government borrowing sword and the bank of england had to step in with an emergency progr
to do and i need to do is to be completely honest with the country. trussonomics reversed, then. tax cuts likely replaced with tax rises, huge investment replaced with a spending slowdown. this rethink has largely been driven by the turmoil in the financial markets since the mini budget was announced. the pound has had a torrid time. the effective cost of government borrowing has soared and the bank of england had to step in with an emergency programme buying up government bonds to stabilise the pension sector. there is a pressing need, then, to restore some confidence and credibility. bank of england governor andrew bailey said he spoke to the new chancellor yesterday and had an immediate meeting of minds. but in a speech in washington, he had this warning on interest rates. we will not hesitate to raise interest rates to meet the inflation target. and as things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in augu
but just three weeks later, her new chancellor has buried it. have you been given a clean slate? can you change elements of the mini budget if you want to? yes, and the fundamental thing the prime minister wants me to do and i need to do is to be completely honest with the country. trussonomics reversed, then, tax cuts likely replaced with tax rises, huge investment replaced with a spending slowdown. this rethink has largely been driven by the turmoil in the financial markets since the mini budget was announced. the pound has had a torrid time. the effective cost of government borrowing has soared, and the bank of england had to step in with an emergency programme, buying up government bonds to stabilise the pension sector. there is a pressing need, then, to restore some confidence and credibility. bank of england governor andrew bailey said he spoke to the new chancellor yesterday and had an immediate meeting of minds. but in a speech in washington, he had this warning on interest rat
the effective cost of government borrowing has soared and the bank of england had to step in with an emergency programme buying up government bonds to stabilise the pension sector. there is a pressing need, then, to restore some confidence and credibility. bank of england governor andrew bailey said he spoke to the new chancellor yesterday and had an immediate meeting of minds. but in a speech in washington dc, he had this warning on interest rates. we will not hesitate to raise interest rates to meet the inflation target. and as things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in august. the current base rate is 2.25%. investors are expecting a rise of up to one percentage point in november to 3.25%. most mortgage offers are currently already around 6%, but a bigger rise in the base rate will affect the economy elsewhere. and even with a change of approach, the government s problems remain the same. how to find t