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UK chancellor brings his finance plan forward

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UK chancellor brings forward the date of his plan to balance the government’s finances, but fails to reassure markets

UK Chancellor Kwasi Kwateng has announced he will unveil his latest financial strategy early, on October 31.

Government borrowing costs rose sharply off the back of this news.

The plan will attempt to fund tax cuts and reduce the nation’s debt following that disastrous mini-budget back in September which sent the markets tumbling.

An independent forecast of the UK economy will also be published at the same time.

The plan was originally supposed to be announced on November 23, but was brought forward to in an attempt to quell market unrest.

The fast-tracked timetable also means the Bank of England will be able to evaluate the government’s tax and spending plans announcing the next interest rate decision on November 3.

Labour leader Sir Keir Starmer has welcomed the new earlier date.

“I’m pleased they brought forward this date, to begin the process, but what I would do now is reverse that ‘kamikaze’ mini-budget,” Starmer said.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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A British digital currency “later this decade”

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The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.

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Disney’s Drama

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What’s going on at Disney and why is the world’s largest entertainment company in trouble?

 
Dreams are a wish your heart makes, or at Disney, dreams are having a tough time of coming true.

After decades of turning children’s dreams into fantasies, the mouse-house is facing a crisis of leadership.

This Ticker Original looks at how the Walt Disney Company got here, and what happens next. #disney #bob iger

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The Tech Market Crash

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Since the Global Financial Crisis, tech companies have been riding high and making billions, so what happened?

 
It’s been a shocking year for tech companies. Riding high off the back of the pandemic, reality suddenly hit.

Across Silicon Valley, and spreading to Wall Street, the once darlings of the Nasdaq were suddenly hit hard.

So what happened, and where to from here?

This Ticker Original investigates. #snapchat #apple #tech stocks #nasdaq

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