UK: An urgent meeting with the Quasi Quarteng calls on developed countries to discuss "reversing the harmful effects of the UK government's tax proposals".
The finance ministers of Wales, Scotland and Northern Ireland have put out a letter urging the UK government to take immediate action to "restore confidence in our public finances and limit any long-term damage to the economy".
Letters from Welsh Finance Minister Rebecca Evans, Northern Irish Finance Minister Conor Murphy and Scottish Deputy First Minister John Swain described Quarteng's package as "a huge gamble on public finances and the health of our economy".
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The letter claimed that the chancellor's mini-budget, which mainly included tax cuts for the richest fifth of the households, had created "economic and financial turmoil" and "provided little relief for those families who Is". Those who are already facing cold and cold, who are unable to bear the expenses of essential things like food. Or to heat their homes".
Developed countries have requested additional targeted aid from the government to help households and small businesses, which they claim are "struggling most during the current crisis." He also claimed that the most recent budget jeopardized the delivery of developed government services.
The letter claims that developed budgets have already been "stretched beyond their maximum," meaning that "as responsible governments we are having to make very difficult decisions to balance our budgets," an approach that "Not likely to be sustainable." It also emphasizes that developed countries "do not have the flexibility or borrowing power that the UK government has."
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In an effort to "reverse the damage caused by these policies", the letter requests additional funding that is "urgently" necessary and asks that developed nations "look at the full forecast from the Office for Budget Responsibility."
Quarteng and Liz Truss have backed their stance on the policy, with the chancellor saying "we had no other choice," and the prime minister acknowledging there would be some disruption but insisting there was a clear plan.
Wales's Secretary of State Robert Buckland said on Saturday that the government was "absolutely committed" to fiscal responsibility despite the chaos following the Quarteng announcement on financial markets. “Over the past few months, we have seen weakness in the pound, yen and euro against the dollar,” Buckland said. I don't think it would be fair to say that Friday was the only reason for the unrest.
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He claimed that Quarteng would provide more information when he released the government's medium-term financial plan on 23 November and that it would "give markets a high degree of assurance that, like its predecessors, this government is fully responsible for financial responsibility." Is." committed to."
I won't deny that there has been unrest, but as I examine this package more closely, I need to increase the tax revenue needed to cover the cost of our public services and our commitments to public spending. Commitment is visible.
"I make no apologies for that," he said, after adding that the nation "needs to grow the economy to pay for our public services in the future."