- September 25, 2022
- Posted by: Stratford Team
- Category: Economy
“This Budget will live or die not on what the electorate think, not on what Opposition politicians think, not even what Conservative politicians think,” they said. “It is the global markets’ response to what looks like very risky behaviour from our Government.”
They added: “The Bank of England is being backed into a corner.
“If you’re already in a recession and you raise interest rates by, say, 100 basis points, which some people have been talking about, it’s like accelerating your car into a brick wall.
“If the pound drops below one dollar, that’s territory for me where I’m afraid I would hit the nuclear button … I just think that would be unconscionable.”
Another Tory MP agreed that the behaviour of the markets would be crucial. “The commentary, the way the market responds through the next two weeks, will all condition how we come back on October 11 [after the party conference recess].
“I don’t think it’s that…
