Kwasi Kwarteng’s entire three-week legacy is now pretty much scrapped. Hunt said it was vital they act now and that there remain many difficult decisions to be announced in the medium-term fiscal plan on October 31.
Hunt also said he is forming an econoomic advisor council because “I want more expert advice.”
I hate to break it to him, but expert advice isn’t going to help.
In any case, the bond crisis appears to be over for now with gilt yields tumbling and the pound soaring.
- We should be careful not to tax companies in a away that drives away investment but nothing is off the table
- I am not against the principle of taxing profits that are genuine windfalls
- Says ‘yes’ when asked if he can guarantee that Oct 31 forecast will show falling debt to GDP
GBP is up 253 pips to 1.1423.