Kwasi Kwarteng

Chancellor to set out medium-term 'fiscal plan' – but no proper budget until spring 2023, says Treasury.

“I don’t believe Margaret would have approved of the budget,” said Mr Clarke. He tweeted: “It would be wise to take stock of how through time the markets weigh up recent economic announcements rather than immediately signalling more of the same in the near term.” [Terms of use,](https://www.independent.co.uk/service/user-policies-a6184151.html) [Cookie policy](https://www.independent.co.uk/service/cookie-policy-a6184186.html) and [Privacy notice.](https://www.independent.co.uk/service/privacy-policy-a6184181.html) Paul Donovan, chief economist of UBS Global Wealth Management, said investors seemed to view Tory party as “a doomsday cult”. [Privacy policy](https://policies.google.com/privacy?hl=en) and [Terms of service](https://policies.google.com/terms?hl=en) apply. By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our The Treasury also announced that the government would be “sticking to spending settlements” for this spending review period – raising fears of a return to austerity and billions in cuts for the public sector. Former Tory chancellor George Osborne – who has urged the government to end the “schizophrenic” policy of slashing taxes and increasing borrowing – welcomed the November update from the OBR. [pound](/topic/pound) plummeted to its lowest level against the [dollar](https://www.independent.co.uk/topic/dollar) for 50 years on Monday, as [Labour](/topic/labour) accused [Liz Truss](/topic/liz-truss) and Mr Kwarteng of acting like “gamblers in a casino chasing a losing run”. [Bank of England](/topic/bank-of-england) governor Andrew Bailey warned that it is ready to hike interest rates “by as much as needed” to rein in inflation. The government said the statement would include details on the new approach to borrowing, spending and tax-raising rules, including a pledge to ensure debt falls as a share of GDP in the “medium term”. [Kwasi Kwarteng](https://www.independent.co.uk/topic/kwasi-kwarteng) is to reveal the government’s “fiscal plan” on 23 November, the [Treasury](/topic/treasury) has said amid market panic over borrowing-fuelled tax cut spree.

Bank of England governor Andrew Bailey says the bank “will not hesitate” to raise interest rates if necessary to keep inflation down, in a co-ordinated ...

As the MPC [monetary policy committee] has made clear, it will make a full assessment at its next scheduled meeting of the impact on demand and inflation from the Government’s announcements, and the fall in sterling, and act accordingly. “The role of monetary policy is to ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term. In a coordinated response, the Bank of England issued a statement saying it “will not hesitate to change interest rates by as much as needed” after the pound plummeted to $1.0327 in the Asian markets overnight.

Christina McAnea believes Liz Truss and the Chancellor are on the same par as the short-in-stature, ruthless ruler from Shrek.

[ Liz Truss](https://www.scottishdailyexpress.co.uk/all-about/liz-truss) to a character in the 2001 Shrek movie. His proposals, while not applicable across the board in Scotland, are set to expand with assurances that there is "more to come". He told the BBC: "We've actually put more money into people's pockets," Sign up to our daily newsletter They don't care that most people in this country will not benefit from this." [Scotland faces 'brain drain' if SNP refuses to match UK tax cuts for hard-working households](https://www.scottishdailyexpress.co.uk/news/politics/scotland-faces-brain-drain-snp-28075735) [SNP minister dashes hopes of tax cut for hard-working Scots who face paying more than down south](https://www.scottishdailyexpress.co.uk/news/politics/snp-minister-dashes-hopes-tax-28072885) [Scotch whisky industry toasts Tory budget as alcohol duty rise is scrapped](https://www.scottishdailyexpress.co.uk/news/scottish-news/scotch-whisky-industry-toasts-tory-28070377) [Nicola Sturgeon's government accused of 'frittering away' £30k on IndyRef2 papers](https://www.scottishdailyexpress.co.uk/news/politics/nicola-sturgeons-government-accused-frittering-28068147) [For the latest politics news, click here.](https://www.scottishdailyexpress.co.uk/news/politics/) [here](https://www.scottishdailyexpress.co.uk/newsletter-preference-centre/). In its growth plan, the government said it had an "ambitious" programme to boost the economy which would include a review of the tax system to make it "simpler". [Christina McAnea](https://www.scottishdailyexpress.co.uk/news/scottish-news/trade-union-boss-claims-tories-27128853), head of Unison, was asked about her view on the [Conservative Government's tax cuts](https://www.scottishdailyexpress.co.uk/news/politics/mini-budget-2022-what-mean-28064331) designed to boost the economy. [ Kwasi Kwarteng](https://www.scottishdailyexpress.co.uk/news/politics/kwasi-kwarteng-herald-new-era-28059090) to Lord Farquaad, the iconically short, villainous antagonist who competes with Shrek the Ogre for the affection of Princess Fiona. [ Leading Scots lawyer could move to England if tax cuts not replicated in Scotland](https://www.scottishdailyexpress.co.uk/news/politics/leading-scots-lawyer-could-move-28084351) The Chancellor has said he wants to keep cutting taxes as part of an effort to boost UK economic growth stating that the government wants to bolster the economy amid concerns the UK may already be in recession.

Mr Kwarteng was accused of “fanning the flames” of the tumbling pound by hinting at fresh “unfunded” tax cuts over the weekend, while campaigners and charities ...

“The chancellor instead of doubling down on his position on Friday needs to now set out credible plans,” she told BBC Radio 4’s Today programme. [Terms of use,](https://www.independent.co.uk/service/user-policies-a6184151.html) [Cookie policy](https://www.independent.co.uk/service/cookie-policy-a6184186.html) and [Privacy notice.](https://www.independent.co.uk/service/privacy-policy-a6184181.html) She said Ms Truss and Mr Kwarteng were “behaving like two gamblers in a casino chasing a losing run”. [Privacy policy](https://policies.google.com/privacy?hl=en) and [Terms of service](https://policies.google.com/terms?hl=en) apply. This site is protected by reCAPTCHA and the Google By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists Registration is a free and easy way to support our truly independent journalism He was then asked if he had “anything to say” about what was going on in the markets and if was going to reverse his announcement on Friday to which he remained silent, but told the reporter he was on his way to his office. “The growth plan, as you know, includes fundamental supply side reforms to deliver higher and sustainable growth for the long term, and that is our focus.” Mr Kwarteng was accused of “fanning the flames” of the tumbling pound by hinting at fresh “unfunded” tax cuts over the weekend, while campaigners and charities accused the government of “gambling with the economy. [lowest level against the dollar in history on Monday morning](https://www.independent.co.uk/news/business/news/pound-record-low-mini-budget-b2175141.html), dropping more than 4 per cent, as the markets responded nervously to the announcement of Britain’s “mini budget,” which has ushered in the nation’s biggest tax cuts in 50 years.

The Tory MP was quizzed by a BBC journalist as he made his way to the Treasury offices in London.

The journalist continued: "Do you have anything to say about what's going on sir? the journalist asked, his sixth question to Kwarteng. What conversations are you having with the Bank of England sir?" "What do you have to say about what's been going on sir?" The footage begins with Kwarteng and a number of aides leaving UK Government offices in London, with the journalist asking: "What are you going to do about the turmoil in the markets this morning?" [BBC](https://www.thenational.scot/news/media-and-the-bbc/) journalist as he made his way to the Treasury offices in London on Monday, following [a record fall of the pound against the US dollar.](https://www.thenational.scot/news/22639960.pound-falls-all-time-low-us-dollar/)

Kwasi Kwarteng made headlines in 1995 when he twice uttered the word “fuck” on University Challenge: the same word reverberated around trading rooms on ...