British Prime Minister Liz Truss and her Treasury chief met with the independent Office of Budget Responsibility on Friday amid efforts to ease concerns about unfunded government tax cuts that have unleashed turmoil on financial markets.
The meeting was significant because it was the government's failure to publish the OBR's analysis of its tax-cutting plans that spooked investors, sending the pound to a record low against the dollar earlier this week and forcing the Bank of England to intervene in the bond market to protect pension funds.
“The judgment so far of the markets, and indeed myself and many others, is that what was announced last Friday, unfortunately, doesn't stack up fiscally and some changes are almost certainly going to need to be made,” Stride told the BBC. Her government's economic stimulus program calls for 45 billion pounds of tax cuts and no spending reductions, meaning a surge of borrowing would be used to pay for the cuts that many see as benefiting the wealthy. She also has capped energy bills for households and businesses that are driving a cost-of-living crisis, though prices are still going up Saturday as natural gas prices soar.
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