The British government is asking to wait until the spring to announce the prospects and plans for economic growth.
Rishi Sunak may soon find that his political opponents are harder to placate than investors, writes Bloomberg.
Britain the prime minister managed to calm financial markets by adopting a tough fiscal program based on significant tax increases as his first step after taking office.
Sunak and Chancellor of the Exchequer Jeremy Hunt are currently developing a strategy for the second phase of economic transformation. In particular, Hunt is working on a series of measures aimed at boosting Britain's faltering economic growth and getting people back into the labor market, the unnamed officials said. But the government is unlikely to announce most of these measures until the Budget in spring 2023.
Also read: Rishi Sunak vows to fix predecessor's mistakes and work on Britain's economic stability
Long The wait will leave Sunak's government vulnerable to attacks from his own supporters as well as the opposition Labor Party as he leads the country through a winter of strikes, recession and soaring energy prices.
Read also: IMF: worst is yet to come, recession in economy from 2023 .
“Britain's main problem is terrible performance, even by G7 standards, and very weak investment spending,” economist Jim O'Neill, a former Tory minister who later left the party, told Bloomberg TV this week, arguing that Sunak's austerity strategy is flawed.
The Prime Minister was also forced to postpone a vote in the House of Commons on housing targets after a démarche by a group of backbenchers, mostly representing rural areas, who did not want their constituencies to a large number of new houses were being built.
This failure casts doubt on Sunak's plans to raise living standards outside the wealthy southeast of England.
The lack of a clear vector and the scale of the problems facing the Conservatives undermines the morale of members of parliament. Dozens of Tories are likely to announce in the next few weeks that they will stand down at the next election, a government official said. Members of parliament have until Dec. 5 to notify party headquarters of their intentions.
Governments are also increasingly worried about a wave of strikes that could bring the country to a standstill this winter. Nurses, railway workers and postal workers are planning to strike in the coming weeks. One of the government officials said that they are concerned that the number of strikes is approaching the level of a general strike.
Also read: British Prime Minister does not deny that his wife has a business operating in the Russian Federation
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Conservative Rishi Sunak replaced Liz Truss, who was the head of the British government for only 44 days, as prime minister. The main reason for her dismissal is a mistaken step to reduce taxes at an inappropriate time.
