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Say, could lead to inflation. well, in broad terms, say, could lead to inflation. well, in broad terms, if say, could lead to inflation. well, in broad terms, if you say, could lead to inflation. well, in broad terms, if you look - say, could lead to inflation. well, in broad terms, if you look over. in broad terms, if you look over all,, the government has got very little phy5ical room for manoeuvre. inextricable percent for public sector workers is going to make very little difference, but this is in the context of an extremely difficult fiscal situation. today, we have also had another very big economic report from the office for budget responsibility looking at the long term state of the public finances and the physical ri5ks we face and that makes very, very sobering reading as we spend more on debt interest, as we spend more on pensions as it looks like we will spend more on net to zero, defence, health. it is painting a picture of, no fiscal road at all, it is painting a pi ....
There s been no indication from the prime minister or from the chancellor that that is exactly what they are planning to do. as we heard yesterday on multiple interviews they seemed adamant they were sticking to their plan. the front page of many newspapers today talking about the fact she is not going to change your mind or go in another direction. it is is going to come out of this 0p are meeting, we do not know yet. the 0pr could come out and say, yes, we will continue to work towards a forecast and not give any details of it. we to work towards a forecast and not give any details of it. give any details of it. we are ust caettin a give any details of it. we are ust getting a couple i give any details of it. we are ust getting a couple ofi give any details of it. we are ust getting a couple of lines i give any details of it. we are ust getting a couple of lines out i give any details of it. we are just| getting a couple of lines out from the meeting. the chairman richard to us ....
Obviously it is coming after what they have announced they are going to be doing in terms of big spending plans. the analysis now is going to be different now from what it would have been if it had come prior to the announcement because the economic picture has changed, interest rates have changed. this is all about the interest rates have changed. this is all about the government interest rates have changed. this is all about the government trying i interest rates have changed. this is all about the government trying to l all about the government trying to reassure the markets. its reassurance to the markets of saying hold on, we will give you a bit more detail next week, we can break it down about when you were expecting all of these forecasts to come. that reassurance about independence from the government than themselves talking about the importance of them being independent, that is really what gives it some level of credibility because the markets can then trust that the 0pr ....
That the fact that the prime minister and the chancellor were meeting face to face could suggest they were leaning on the 0pr. that is something that the government is very clearly saying is not the case, they will be looking at the figures and giving their own independent judgment on it. mcmichael what has happened in the last week since that mini budget was announced last week. the pound went down and has now gone back up to where it was before the mini budget. is that steadying because of the report? it is difficult to know. it s gone back up to around one dollar and 12 cents. that s possibly a positive sign but at the same time it s difficult. we shouldn t read too much into it, because there s still a lot of volatility in the market. a lot of economists are saying the underlying are still there, there is uncertainty about how these numbers are going to add up, what are the plans the chancellor will put in ....