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Fiscal Fold? Truss May Blink On Taxes After Market Crash
Earlier this week, I wondered if the Bank of England might be attempting to enlist markets in an eff
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If this ends up bearing out it’s a true show of CB independence and backbone. Force the fiscal side to do the right thing instead of cleaning up the mess and making a bigger one in the process.
What is the reputation of the UK’s Office of Budget Responsibility (OBR)? Independent?
I don’t about ya’ll, but https://www.youtube.com/watch?v=_vJtt9PXPz8
After reading a bunch of UK news sources (not even tabloids), I have to wonder if Truss or Kwarteng will be around on 10/31 to present their budget.
Well, Kwarteng won’t be around on 10/31, or even on 10/15 . . . will Truss survive dumping her Exchequer, her high earners tax cut, and her corporations tax cut (or non-raise)? What poor sap will sign up as her next Exchequer, and what will that redshirt present on 10/31? Perhaps Truss will try to keep her other tax cuts and push out the budget presentation. If the markets won’t have that, BOE is in a strong position to wait her out.
Oops! Well that didn’t work, what’s up next?