Nick Ferrari scolds James Cleverly over economy comments
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Kwasi Kwarteng’s departure from Liz Truss’ Cabinet has left the UK’s economy in an uncertain position, with the Prime Minister attempting to right the ship. Ms Truss addressed the nation in a press conference today in a speech which saw her promise “stability” just hours after appointing career minister Jeremy Hunt as her new Chancellor. Amid all the uncertainty, most concerns will have primarily centred on pensions, as funds received a warning from Bank of England chiefs this week.
While speaking at an event in the US, BoE governor Andrew Bailey said officials would conclude their temporary billion-pound bond-buying policy today, October 14.
He warned pension funds on October 11 to “get this done”, and today’s news has renewed the need for stability, pension experts have said.
Andrew Megson, the CEO of My Pension Expert, said the recent chaos culminating in the resignation has “set Britain back”.
He said: “Even after a month of major shocks, this news is particularly momentous.”
“Kwasi Kwarteng leaves with egg on his face, the economy in a downward spin, and Liz Truss’ premiership hanging by a thread.
“Forget any political point-scoring or personal agendas, this whole episode – from the mini-budget on September 23 through to today’s unceremonious dismissal of the Chancellor – has set Britain back at a time when clear, decisive action was needed.
“Households across the country are trying to get a grip on their finances, pension planners have been trying to understand how fluctuations in financial markets will affect their savings, and retirees are re-entering the workforce in their thousands.
“Policies and financial support schemes were required to ease concerns, soften the blow of the cost-of-living crisis, and enable people to plan their finances more effectively.”
“But what we have had is a string of unseemly U-turns and misjudged policies, which has confounded an already difficult decision.”
Mr Megson said the next Chancellor would need to present a “more measured, thought-through economic action plan”.
He added: “People are crying out for clarity, stability and a little calm across the financial markets.
“If these things cannot be delivered, and quickly, the calls for a general election and change of government will surely become too loud to ignore.”
While Mr Hunt’s appointment may bring some calm to the UK’s finances, experts believe there are more surprises on the horizon.
James Dimon, the CEO of JPMorgan Chase, said his experience suggests the trouble with pensions would come as just one of many surprises.
He said: “I was surprised to see how much leverage there was in some of those pension plans.
“My experience in life has been when you have things like what we’re going through today, there are going to be other surprises.”
More political uncertainty hangs over the Prime Minister, whose address fell flat amongst Conservatives.
Ms Truss must now face the Conservative Party’s Parliamentary 1922 Committee, the Daily Telegraph has reported.
The publication said that executive members now plan to discuss her political future.
One MP shared that they will discuss “what needs to happen to assist her to get back to a sensible level of support”.
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