By Ben Kerrigan-
British Chancellor, Mr kwasi Kwarteng, has been forced to perform a spectacular U turn by reversing his decision to announce his plans in November next month, instead bringing it forward to this month.
The Chancellor promised to deliver the rest of his £43bn package of tax cuts, which is expected to be partly paid for by a squeeze on public spending.
Kwateng vowed to speed up plans for a new fiscal statement, which is believed will focus on spending and deregulation. The plans are adjusted for later this month, rather than November 23, accompanied by new forecasts from the Office of Budget Responsibility, in another move designed to restore market stability.
Forced to bow to the monting pressure and ease the wave of business pessimism in the market, Kwateng had to respond swiftly to growing concerns that his policy was a reckles sone, leading the economy to ruins.
The garnering of 400,000 signatures calling for a swift national election would have been more than a wake up call that this government was facing a major challenge to early in its existence. Desperate problems call for desperate measures, and the Uk government knew it had to act fast to survive the early onslaught of criticism facing the government.
The Conservative party conference centre was locked down for about an hour and a half due to a security scare. Police locked all entrances and exits at about 3.30pm with ministers among those forced to wait outside. The lockdown caused widespread disruption to events inside and outside the conference venue, which is being held at Birmingham’s International Convention Centre. The type of the security scare is unknown.
Representatives for Downing Street said Liz Truss still has confidence in the chancellor, Kwasi Kwarteng. At the lobby briefing in London, asked if Truss has confidence in her chancellor, the prime minister’s spokesperson told reporters: “Yes.” Ms Truss has vowed to ensure public spending is controlled under her government, and that it has a “firm commitment to fiscal responsibility”. “The status quo is not an option,” the prime minister wrote, adding that she and the chancellor had a “clear plan for economic success and security”.
Her comments come in the wake of fierce criticism and alarm over her chancellor’s previously announced mini-budget
Opposition parties put increasing pressure on the chancellor to release the plan earlier, to shore up market confidence in the UK’s economic system. The government was beginni9ng to look in utter disarray in the face of wide panic.
Mr Kwarteng is also said to have held emergency talks with the chairman of the OBR, Richard Hughes, last Friday, in a bid to mange the situation.
Ms Truss rejected calls to bring forward the budget watchdog’s assessment, which she said was “not yet ready”.
“There’s no point in publishing something that’s not ready. That would just cause confusion,” she told Ms Truss’s BBC sUnday With Laura Kuenssberg programme.
The OBR will bring forward forecasts alongside the plan, analysing whether the tax-cutting agenda of Ms Truss can deliver the economic growth it has promised.