Kwasi Kwarteng: We stopped consumer spending collapse

Mr Kwarteng tried to bolster support among Tory MPs by sending them a message saying he was working at pace to show markets he had a "clear plan".

The market turmoil was fuelled by the lack of an independent forecast on the impact of the plans, which had been offered by the Office for Budget Responsibility, but was declined by the government. Ms Truss also argued market turmoil was being caused by global factors in a series of interviews with BBC local radio stations.Later, in BBC TV interviews, she said the UK was "in a very serious situation" but that was due to "the aftermath of Covid and Putin's war in Ukraine".The Treasury select committee, which is led by Conservative MP Mel Stride, an ally of former leadership contender Rishi Sunak, rejected the government explanation.

He said the financial impact of the mini-budget was larger than that of a typical Budget, but there had been no assessment by the independent Office for Budget Responsibility to go with it, despite the OBR saying it could produce one. BBC economics editor Faisal Islam said this absence of a forecast had made the market reaction to the plans worse.

In an unusual move, Ms Truss will hold emergency talks with OBR head Richard Hughes on Friday, along with Mr Kwarteng.In this message, the chancellor is seeking to reassure MPs that he is working quickly to come up with a plan to calm the markets.On 23 November, Mr Kwarteng is due to set out his medium term fiscal plan.

Source: News Formal (newsformal.com)

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