On the face of it, Britain’s financial markets look in better shape than last week, when the pound crashed to a record low against the U.S. dollar and government bonds tanked in response to finance minister Kwasi Kwarteng’s economic plans.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The worry is that wild market conditions could return quickly unless Truss and Kwarteng acknowledge that their promises of future economic growth on their own are not enough to explain how a high-spending, low-tax agenda will be funded. “The issue was not tax changes announced at the mini-budget but the institutional ‘scorched earth policy’ that preceded it. UK risk premia will likely only pull back if that is addressed,” said Simon French, chief economist of brokerage Panmure Gordon.
Kwarteng hopes markets stay calm enough to allow him to wait until Nov. 23 before announcing his next budget plans. Unlike his mini-budget, they will come with forecasts for the economy and the public finances from Britain’s budget watchdog.While bond prices for many governments have fallen sharply in response to rising U.S.
If the government fails to calm markets, the pressure on the BoE is likely to build as the Oct. 14 end-date for its emergency bond-buying approaches.
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