British U-Turn Shows Central Banks Still Rule (and That’s Not Always Good)

the wall street journal2022-10-17

On Monday, U.K. Treasury chief, Jeremy Hunt, rolled back about £32 billion of the £45 billion in tax cuts promised by his predecessor.In its game of chicken with the U.K. government, the Bank of ...

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Aun9
2022-10-18
Aun9
Ok
RW5
2022-10-18
RW5
O
- El_Nino:
  K la
- RW5:
  O
Simonnov
2022-10-18
Simonnov
Ic
UTOtrader
2022-10-18
UTOtrader
T
TaiWoeiHaur
2022-10-18
TaiWoeiHaur
👋
Ericsohth
2022-10-18
Ericsohth
K
- Ag1718:
  👍🏻🍭
- sleepycat:
  stonks

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Mr. Hunt seems to be focused on reducing bond yields over the next two weeks so that, when the U.K.’s independent fiscal watchdog publishes its medium-term projections for public debt, they are a bit less scary. At current levels, a flat debt-to-output ratio in three years’ time would demand £40 billion more in annual savings, according toSamuel Tombsat Pantheon Macroeconomics.“All departments will need to redouble their efforts to find savings and some areas of spending will need to be cut,” Mr. Hunt said Monday.Such talk echoes the fiscal orthodoxy that sapped U.K. growth in the 2010s. Even the inflation-reducing energy-bill cap is set to be redrawn next year to reduce expenses. Public-sector austerity has become yet another risk for the country’s economy, on top of rising energy and mortgage costs and a shrinking labor force.After Monday’s gilt-market rally, yields remain elevated. 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class=\"s1\">👍🏻🍭</span>","text":"<span class=\"s1\">👍🏻🍭</span>","html":"<span class=\"s1\">👍🏻🍭</span>"},{"id":104388561,"gmtCreate":1666048917555,"gmtModify":1666048921126,"authorId":3576547960360401,"author":{"id":3576547960360401,"authorId":3576547960360401,"name":"sleepycat","avatar":"https://static.tigerbbs.com/5b377a1c5c1cb9846ec43d7fe2be8097","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9989512091,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">stonks</span>","text":"<span class=\"s1\">stonks</span>","html":"<span class=\"s1\">stonks</span>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":452,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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