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The Chancellor's fiscal statement last week and the severe market fall-out from it - including a plunging pound, rising interest rates and emergency intervention from the Bank of England – will force him to make tough policy choices, including big spending cuts, in his promised Medium-Term Fiscal Plan due in less than eight weeks’ time, according to new Resolution Foundation analysis. Last Friday’s Fiscal Statement – in which the Chancellor announced £45 billion of permanent tax cuts without any details of how they would be paid for – has created significant turmoil in financial markets. [Read Full Article] |
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