Kwarteng will announce plan to deal with debt on October 31. It won’t work
The grinning Kwarteng: in his next public statement, he’ll announce a plan to deal with the debt he created in his last public statement. Who’s willing to bet he’ll cut your public services to the bone?
Who reckons he’s going to cut public services?
Kwasi Kwarteng, who by some miracle is still Chancellor of the Exchequer, has announced that he will set out his new (detailed, he says) plan to cut public debt and balance the government’s finances, on October 31. That’s nearly a month before his previously-announced date, November 23.
An independent forecast of how the economy will perform in coming years, by the Office of Budget Responsibility, will be published at the same time, so we will all be able to judge whether his plan is worth the paper it’s written on.
The statement will come days before the Bank of England announces its latest decision on interest rates – on November 3. We’ll definitely know if ‘Queasy’ Kwarteng has got it wrong by then, and if interest rates rise again, it’ll be further evidence.
Today’s announcement is yet another u-turn for Liz Truss’s hapless government; Kwarteng claimed on October 4 that the plan would be announced on November 23, as he had originally stated and that “people have been reading the runes and the pauses”.
It turns out that those people knew more about the future than he did. How normal for a government that simply doesn’t know what it is doing from one day to the next.
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