ICYMI, Newsnight's Political Editor nicholaswatt spoke to a Tory MP last night who told him: 'I think the Chancellor will have to go, maybe not tomorrow, maybe not immediately' For further analysis join us tonight on BBC 2 at 10.30pm
In the Bank of England's statement seeking to reassure investors, it welcomed "the role of the Office for Budget Responsibility in its assessment of prospects for the economy and public finances".
It could have been updated with new measures made to legal forecasting standards well before last Friday. Indeed the Treasury costed all the new measures itself. That is now in the past. But the consequences of this are profound for the next few fragile weeks ahead.Despite the market reaction, Mr Kwarteng said on Tuesday that the government is "confident in our long-term strategy to drive economic growth through tax cuts" and "supply side reform " that is, through cutting taxes, deregulation and free trade.
The Bank of England in deciding how much to hike interest rates in November, before Mr Kwarteng does his big reveal, will use the OBR's early workings.
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