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Re: New Prime Minister: Liz Truss
https://news.sky.com/story/liz-truss...ellor-12706352
Quote:
Liz Truss had to be convinced to issue a government statement yesterday to calm the markets, Sky News understands.
Faced with market turmoil, spiking borrowing costs, and the drop in the value of the pound in the foreign exchange markets, the prime minister's initial instinct was to stand firm and say little or nothing, unwilling to look like she might be shifting position.
UK policy condemned as 'utterly irresponsible' - pound latest
However, after a meeting with Chancellor Kwasi Kwarteng yesterday, Ms Truss agreed the Treasury would issue a statement promising further details on 23 November on how the government would ensure borrowing would not spiral out of control.
In effect this gives the government eight weeks to come up with a plan to stabilise the markets - likely to involve spending cuts in Whitehall, public services, investment and probably welfare.
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Thought the last paragraph in the article was interesting…
Quote:
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Some in government are understood to see the market assault on the pound and government debt as a plot by the left, something which has surprised city traders.
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