The announcements would signify a commitment to fiscal discipline and help better coordinate fiscal and monetary policies in the fight against inflation, the Washington-based international financial institution said Tuesday. The IMF looks forward to the London medium-term budget.
A massive package of tax cuts by the British government under new Prime Minister Liz Truss had caused turbulence in financial markets due to a lack of counter-funding and fierce resentment in the ranks of the Conservative ruling party. As a result, Truss initially had her confidant, then Finance Minister Kwasi Kwarteng, withdraw the planned tax cut for top earners.
On Friday she fired Kwarteng. New Treasury Secretary Jeremy Hunt almost completely destroyed the planned financial package on Monday. He also wants to put a stop to the relief from energy prices. Despite this turnaround, Truss must continue to fight for her political survival.
(SDA)
Source: Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
