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The News Agents

IMF, BoE, wtf?

The News Agents

Global

Politics, Daily News, Government, News

4.15.4K Ratings

🗓️ 28 September 2022

⏱️ 35 minutes

🧾️ Download transcript

Summary

Make no mistake - the UK economy is crumbling. And this is not at the hands of a crisis beyond these shores. The Prime Minister and her Chancellor's decisions last Friday have sent the British economy into total freefall. In the last 24 hours, the IMF, a monetary body that only ever springs into action for countries in crisis have issued stark warnings against 'Trussonomics', and the Bank of England have made emergency interventions. What now? We try and make sense of it all. Later on in the podcast, we talk to Seb Payne, Whitehall Editor at the Financial Times about the lobbying groups behind the school of thought that is tangible impacting the course of modern Britain. Producer: Gabriel Radus Planning: Melissa Tutesigensi Video Engineer: Ioana Barbu Deputy Editor: Tom Hughes Executive Producer: Dino Sofos For exclusive daily videos from The News Agents visit Global Player: https://www.globalplayer.com/videos/brands/news-agents/the-news-agents/ The News Agents is a Global Player Original and a Persephonica Production.

Transcript

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0:00.0

The Newsagents podcast is brought to you by HSBC UK, opening up a world of opportunity.

0:08.4

This is a global player original podcast.

0:12.1

In the United States of America, they are bracing themselves today for Hurricane Ian.

0:17.9

Here in the UK, Hurricane Quasi made landfall on Friday and has been intensifying

0:25.8

ever since, so much so that we had last night an unprecedented intervention from the

0:32.3

International Monetary Fund, saying that there had to be a change of policy. The Bank of

0:36.9

England has waded in this morning saying it is going to buy back bonds to shore up the market.

0:45.7

And as we speak to you now at 20 past 1, the pound has continued to fall.

0:52.4

I've been talking to sitting Conservative MPs, MPs that are

0:57.1

usually loyal and the language I've been hearing has been extraordinary. One told me that the

1:04.6

Tory party is now a protectionist racket, a gang of marauding ambition. Another said they're so appalled at what we've done,

1:13.9

as in the Conservative Party have done, it's amateur hour. They've just subcontracted policy

1:18.8

to ideological think tanks. And these think tanks have an address, a single address in Westminster,

1:27.0

55, Tufton Street.

1:29.5

And we've been talking about where the funding comes from, who these people are,

1:34.6

there are many questions, but not many clear answers. Have a listen.

1:38.8

There's this sort of shadowy element that's often painted by people saying,

1:42.6

they're trying to manipulate politics from

1:44.9

the outside, they're trying to create these ideas and shift the debate. And if you look at the

1:49.0

Liz Trust government, this is their moment. These organisations have existed for about 15 years or so.

1:54.8

They are now in power. And if you look at the people advising Liz Trust in Her Downing Street,

1:59.7

all of them have baiting that's got some kind of connections to 55 Tufton Street.

...

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