British Prime Minister Liz Truss and British Chancellor of the Exchequer Kwasi Kwarteng.
Dylan Martinez | Afp | Getty Images
The OBR had prepared an overall economic forecast ahead of the September 23 mini-budget, but the UK Treasury chose not to publish it, according to the BBC.
Kwarteng said a full forecast would be released “before the end of the year” in his announcement to fellow lawmakers, and a full budget statement is now expected on Nov. 23.
The IMF has since delivered a damning verdict on the measures set out in the mini-budget, saying they are “likely to increase inequality” and that the UK government should “consider ways to provide more targeted support and reassess fiscal measures “. , especially those that benefit people with high incomes.”
A growing number of economists and investors have also slammed the plans, including the founder of Bridgewater, one of the world’s largest hedge funds, Ray Dalio, who said the proposed measures suggested “incompetence” by the government.
Conservative support falls
Recent government activity has also caused the current Conservative Party to lose favor with the British public. Around 54% of respondents would vote for the opposition – the left-wing Labor Party – if a general election were held in the near future, according to the latest YouGov research.
Labor currently has a 33-point lead over the Conservatives, which is the highest figure the party has received in any published poll since the late 1990s, according to the electoral body. Meanwhile, the number of voters intending to vote Conservative has fallen to 21%.