UK Treasury minister rejects IMF concern over tax-cutting budget

UK Treasury minister rejects IMF concern over tax-cutting budget By Reuters

Breaking News


Economy 20 minutes ago (Sep 29, 2022 02:56AM ET)

(C) Reuters. FILE PHOTO: Chief Secretary to the Treasury Chris Philp walks outside Treasury building, in London, Britain September 7, 2022. REUTERS/Hannah Mckay

LONDON (Reuters) -Chris Philp, Britain’s chief secretary to the Treasury, said he disagreed with concerns raised by the International Monetary Fund about the government’s tax-cutting budget that has roiled markets, saying it would lead to long-term economic growth.

“I saw the IMF comments. I respectfully disagree,” he told Sky News.

Finance minister Kwasi Kwarteng sparked turmoil in financial markets last week when he delivered a plan to cut taxes without detailing the impact on the public finances or how the government would reform the economy to spur growth.

The pound sank and British government bond yields soared, forcing the BoE to revive its bond-buying programme in an emergency move on Wednesday to shore up pension funds.

Philp said the government would stick to its plan to hold a fuller fiscal announcement on Nov. 23, when it will set out further details on how it will cut debt.

Asked if the government regretted its handling of the economy, Philp said interest rates had been rising around the world in response to Russia’s invasion of Ukraine.

UK Treasury minister rejects IMF concern over tax-cutting budget

Germany’s most populous state sees biggest inflation jump in decadesBy Reuters – Sep 29, 2022

BERLIN (Reuters) – German inflation likely grew significantly in September based on initial data from its most populous state, which saw the biggest jump since the early 1950s,…

Breakfast in, shopping out: tourists to the U.S. hit by soaring dollarBy Reuters – Sep 29, 2022

By Noel Randewich, John McCrank and Alun John SAN FRANCISCO/NEW YORK/LONDON (Reuters) – In the weeks before heading to San Francisco for their vacation this month, Jeff Skipper…

Ex-BoE boss Carney says UK tax cuts under-cutting BoE inflation fightBy Reuters – Sep 29, 2022

LONDON (Reuters) – Former Bank of England governor Mark Carney criticized the new British government’s plan to cut taxes for under-cutting the attempts of the central bank to curb…

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

About the author