New UK government postpones budget presentation due to lack of urgency over public finances
The new British Prime Minister, Rishi Sunak, and his Economics Secretary, Jeremy Hunt, have decided to postpone the presentation of an income and expenditure budget for two weeks due to the improvement in the financial outlook following the change of government. The new leader pleased his co-religionists in his first questioning session with the Prime Minister in the House of Commons.
The abolition of tax increases announced on September 23 by Kwasi Kwarteng, minister of Liz Truss, caused tidal waves on the capital markets. The former prime minister had to fire her associate and friend and appoint Hunt. The new Treasury chief has scrapped much of the plan, promising to present a track record of “hard decisions” by the end of this month.
That change of course calmed the markets and the fiscal gap of about 45,000 million euros predicted in September has now been reduced to about 40. Hunt explained that it is “very important” that his budget, which he will present on November 17, has a medium-term view. to reduce public debt. It now equals annual GDP, the second lowest in the G7.
In an interview a few years ago on an Indian television channel in the UK, Sunak expressed his admiration for the wisdom of his father-in-law, Narayana Murthy, one of India’s wealthiest businessmen. He said he once articulated one of his philosophical principles, based on the United States motto, “In God we trust.” “Yes, we trust God,” he said, “but we ask everyone for the data.”
After a chain of government collapses and coincidences that have led him to head the government, Sunak can trust the gods of Hinduism. But he wants all the data on Britain’s finances before he, as First Lord of the Treasury, gives the green light to the strategy of taxation and spending cuts designed by the Chancellor of the Exchequer Hunt.
That’s the ground on which Sunak confidently walks, but on Tuesday there was a buzz about his arts in the verbal duel of his first ministerial questioning session. He has chosen a costume team – his ministers Michael Gove and Oliver Dowden, and an experienced adviser – for the mock pre-match, in which the leader and his aides imagine the evils of the opposition and formulate possible answers.
When Labor Party member Sir Keir Starmer demanded that he justify the appointment of the Home Secretary, who resigned six days ago for sending confidential documents with his private email, Sunak blamed him for rejecting his candidacy. predecessor, leftist Jeremy Corbyn, supported. There was jubilation in the ‘tories’ of the seats, but the expected session was not of high quality.
Neither Starmer nor Sunak are great at public speaking. One of the prime minister’s advisers must have recommended that he keep his promise of ‘ruthless conservatism’, as he repeated it to nausea. Labor Party member Tony Blair blew up the House in similar circumstances, declaring that “compassionate conservatism differs from others in that it doesn’t help you either, but tells you it’s a pity, that it’s ‘sorry’.”
Source: La Verdad
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