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FT News Briefing

The global backlash to UK tax cuts

FT News Briefing

Forhecz Topher

News, Daily News, News & Politics

4.41.3K Ratings

🗓️ 28 September 2022

⏱️ 10 minutes

🧾️ Download transcript

Summary

The IMF is criticising the UK’s tax cut plan, the US is pressing EU countries to speed up and increase the financial support for Ukraine, and the head of crypto lender Celsius Network resigned on Tuesday. Plus, officials in Europe say suspicious leaks on two Russian gas pipelines in the Baltic Sea are likely the result of sabotage. 


Mentioned in this podcast:

IMF urges UK to ‘revaluate’ tax cuts in biting attack on fiscal plan

US presses EU to speed up financial aid to Ukraine

Denmark, Germany and Poland warn of sabotage after Nord Stream leaks

Mashinsky resigns as head of Celsius Network

Ft.com/briefingsale


The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. 


Read a transcript of this episode on FT.com


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Transcript

Click on a timestamp to play from that location

0:00.0

The FT News Briefing is supported by Equinole, the UK's energy partner.

0:06.4

Learn more at equinole.co.uk.

0:09.8

Good morning from the Financial Times.

0:11.7

Today is Wednesday, September 28th, and this is your FT News Briefing.

0:19.0

Pipeline leaks in the Baltic Sea have prompted accusations of sabotage.

0:24.4

The CEO of a giant bankrupt crypto lender has quit.

0:28.8

But first, the UK's tax cut plan is under international criticism.

0:33.9

I'm Sonya Hudson in for Mark Filipino, and here's the news you need to start your day.

0:48.2

An ambitious tax cut plan from the UK government has put the guilt market in turmoil

0:54.4

and sent the pound to new lows.

0:57.4

Now economists, even outside the UK, are lashing out.

1:02.0

Yesterday, the International Monetary Fund attacked the plan, saying it could worsen inflation.

1:08.2

It's urging London to re-evaluate, and the IMF isn't the only critic.

1:13.4

Here's the FT's Colby Smith.

1:15.6

It was quite unusual in just the language that was used in speaking to some former senior IMF

1:22.8

officials. The real assessment here was this was as pointed criticism as it really gets from the

1:29.2

fund, who typically tries to pull punches when it talks about countries and their policies,

1:37.2

especially in terms of an immediate reaction to what is being discussed.

1:43.2

So Colby, what are other people around the world saying?

1:46.2

You know, we've had a lot of prominent economists who have come out against the plan.

1:51.3

What are they saying?

1:52.9

So absolutely, we've heard from all walks of life, really, from policymakers at the federal reserve.

...

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