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the value of the pound has dropped again today by nearly a percent against the dollar as investors digest the warning from the international monetary fund about the uk government s fiscal plans. the imf has openly criticised the plan for widespread tax cuts, warning the measures are likely to fuel the cost of living crisis and increase inequality. here s michelle fleury with more details in new york. one of the roles of the international monetary fund is to act as an early economic warning system, and it has just sounded the alarm over the uk s new tax and spending plans. in a statement, the fund warned, given elevated inflation pressures in many countries, including the uk, we do not recommend large and untargeted fiscal packages. even more pointedly, it suggested that the november 23rd budget presented an opportunity for the government to re evaluate tax measures, especially those that benefit high income earners. remember, as part of the uk treasury s policy to ....
personal political choice. you were a french bureaucrat, then you went to brussels to run an eu agency, then you decided to enter partisan politics not very long ago, and you joined the national rally party. what was it about marine le pen s party that attracted you? well, in fact, as the former executive director of frontex, the european border and coastguard agency, i realised that at some point brussels and especially the european commission didn t want to properly control the external borders of the european union, so we had to face and we still have to face massive illegal immigration flows. and what i realised that, officially, my mandate, my mission was officially to create a european corps of border and coastguard with uniforms and weapons to support european member states, to support them in protecting the external borders against illegal migration but also criminality. and the european commissioner at that time, madamejohansson, in charge of migration an ....
every member state is free to decide on its own. and this is our political line. what we don t want, that the european commission decides on behalf of member states. and this is exactly what s going to happen. but with respect, france hasjust signed a migration pact alongside all the other members of the eu. that s signed and sealed. it s too late for you to stop that. yeah. but what is extremely interesting is that two days after this pact on asylum and migration was adopted, 15 member states sent a letter. so, ministers, 15 ministers sent a letter to the european commission asking, in fact, to focus now on combating illegal migration upstream, so before migrants arrive in europe, and especially with the proposal that the people in need of international protection, so let s say refugees or asylum seekers, should be allowed to lodge an asylum application in consulates abroad. so meaning, and this is exactly what my political party proposes, that people in need of intern ....
it s great to have you on the show. let s start with your own personal political choice. you were a french bureaucrat, then you went to brussels to run an eu agency, then you decided to enter partisan politics not very long ago, and you joined the national rally party. what was it about marine le pen s party that attracted you? well, in fact, as the former executive director of frontex, the european border and coastguard agency, i realised that at some point brussels and especially the european commission didn t want to properly control the external borders of the european union, so we had to face and we still have to face massive illegal immigration flows. and what i realised that, officially, my mandate, my mission was officially to create a european corps of border and coastguard with uniforms and weapons to support european member states, to support them in protecting the external borders against illegal migration but also criminality. and the european commiss ....
Some thought put in to this announcement, and we know that the government wants to move ahead on tax cuts. the government has said they are going to announce supply side reforms, which should ensure that the economy grows at a rapid enough pace to be able to compensate for the lost revenue from the tax cuts, so, at this point, the government is likely to hold firm and unlikely to reverse its position on the tax cuts, that the imf is essentially criticising. we have the essentially criticising. we have the chief essentially criticising. we have the chief economist at the bank of england warning the government that this new economic plan now requires a significant monetary response, and markets are pricing in that we could see uk interest rates above 6% next year. but businesses who want to borrow and expand, or households ....