"Fears of Fiscal Reshuffle"

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new fiscal rules

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Government debt

iNews (Indonesia)

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'Reeves risks repeating Truss's market panic': How the Budget could hit mortgages

Summary

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63% Informative

Rachel Reeves is poised to overhaul existing rules on government borrowing in her debut Budget .

She is planning what could be one of the most controversial options changing the government’s definition of government debt’ The risk is that changing the fiscal rules worries the markets and results in real world consequences for voters in the form of higher interest rates.

Truss had already shown a disregard of economic orthodoxy.

She sacked the Treasury ’s most senior civil servant, Tom Scholar , and refused to commission a scorecard’ on her tax and spending plans from the Office for Budget Responsibility .

Within hours , the markets started reacting badly to the mini-Budget.

Truss and Kwarteng were unrepentant, and promised further tax-cutting measures to come.

The more radical the change Reeves goes for, the more she risks spooking the markets.

A worst-case scenario would see the Bank of England forced to increase interest rates again to ensure that UK Government bonds remain attractive to investors.

But her inner circle are confident there will be no repeat of the Truss meltdown.

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semi-formal

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English

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