Uk News Economy: Chancellor and PM both go missing as the UK drifts into recession United Kingdom news
PremierLeague-News.Com - Breaking Sport Transfer News ! Boris Johnson and the candidates to replace him faced fresh calls to “fill the vacuum” left by a lame duck Prime Minister and urgently come up with fresh support for families facing a dire cost of living crisis and lengthy recession.Mr Johnson and Chancellor Nadhim Zahawi have faced criticism for going on holiday as the economic outlook for the UK was dramatically downgraded by the Bank of England, which this week put up interest rates to grapple runaway inflation and warned of the longest recession since the 2008 financial crash.The Prime Minister agreed when he announced his resignation last month that the Government would not make fresh tax and spending decisions until a new Conservative leader and replacement in No 10 is elected by the party, with Liz Truss and Rishi Sunak vying for the crown.But CBI director-general Tony Danker said the scale of the crisis meant the country “cannot wait” until the new prime minister is elected on 5 September as he called on the Government to “develop” policies to help people with the cost of living in autumn.i reported on Thursday that Treasury officials are already working on plans to deal with inflation and a looming recession, including Ms Truss’s plan to reverse the National Insurance rise and scrap green levies, as well as Mr Sunak’s plan to scrap VAT from energy bills.But several leading independent economists have suggested the proposals will not go anywhere near far enough to help families get through winter, with energy bills set to rise to at least £3,500.Both have signalled they are ready to offer fresh support without setting out the details, with Ms Truss pledging and emergency Budget on 21 September, days before the energy bill price cap will rise in October.Mr Johnson and the leadership contenders are also facing calls to urgently agree a consensus plan to be announced soon to reassure households and businesses and help them make decisions, although this has been all-but-ruled out by Downing Street.More from PoliticsNearly 100 school playing fields sold off in seven years ‘putting Lionesses legacy at risk’05 August, 2022Sunak insists towns need to be levelled up after saying he diverted money from deprived cities05 August, 2022Number of people out of work due to ill-health since the start of the pandemic up by 200,00005 August, 2022Business Secretary Kwasi Kwarteng, a supporter of Ms Truss, admitted “I don’t know where Boris is” as he said Britons will have to wait weeks before further support is announced.He told Times Radio: “We need a new prime minister, and without a new prime minister we won’t be able to have an emergency budget, and without an emergency budget we won’t be able to help people, so I’m afraid that’s the sequence.
News source = PremierLeague-News.Com
. My fear is much more profound, which is that there will be a vacuum from now until 5 September. We need the current prime minister and the current chancellor to fill that vacuum. “We need them to make decisions. “We need them to make plans. We need them to reassure firms, markets and households that we are gripping this. “On 26 August when Ofgem signal what the price rise is going to be… they need to be signalling that the Government has a response and an answer. And they need to be setting out growth plans and growth intentions now.”Jagjit Chadha, director of the National Institute of Economic and Social Research (NIESR), told i the uncertainty caused by Tory infighting which has effectively ended the premierships of three prime ministers in six years has damaged business investment and economic growth.He said: “The danger of yet another political election, we are looking at our fourth prime minister since the referendum was announced, is that the political uncertainty continually stops people from planning ahead because they just don’t know what’s going on.”
Source = PremierLeague-News.Com