An Interesting Statement
...just the day before Nordstream was blown up.
h/t to the comment by "unknown" poster
25 Sept 2022 - UK: Kwarteng: UK economy must expect more tax cuts and deregulation
Chancellor says he and Liz Truss want to do what previous Tory governments deemed unthinkable
...Asked about fiscal plans that will add about £400bn to public borrowing over the coming years, Kwarteng said he was committed to debt as a proportion of GDP falling over time, but gave no details as to how or when.
“Obviously, you can’t borrow for ever, and that’s why on Friday I was very specific, very careful, to say that we’re going to have a medium-term fiscal plan,” he said, arguing that the government had to respond to the economic shocks of Covid and Russia’s invasion of Ukraine.
“We had two multigenerational unprecedented events,” he said. “There’s no way that a government shouldn’t respond in a fiscally expansive way, in a way that we can support the economy, support our people through these two unprecedented shocks.“All I would say on borrowing is we’ve managed to respond to two of what they call exogenous shocks that were not in our control and were of unprecedented scale, and that was absolutely the right thing to do.”
Asked if there was a limit to the new borrowing, Kwarteng replied: “What I’m not going to do is to say that if there is an exogenous, extreme event I can’t possibly say we won’t borrow to deal with that.”
A year ago...
22 Sept 2021 - UK: UK does not back Nord Stream 2, nor needs long-term gas storage: minister
Highlights
- UK not reliant on Nord Stream 2
- Diversity of supply 'sufficient to ensure security'
"We are not exposed to Russian supply as many of our EU counterparts are," he said.
[MRT: Is the data related? The time will tell.]
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