The UK chancellor’s new plan
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 18 November 2022
⏱️ 9 minutes
🧾️ Download transcript
Summary
The world’s largest cryptocurrency fund has become embroiled in the turmoil swirling around the troubled sector, Jeremy Hunt announces a £55bn fiscal squeeze as UK economic outlook darkens, and negotiators at the COP27 UN climate conference in Egypt burned the midnight oil to eke out an agreement before the conference closes today.
Mentioned in this podcast:
World’s largest crypto fund swept into FTX storm
COP27 enters frenetic final stretch
COP27: The loss and damage debate is intensifying
Jeremy Hunt unveils £55bn fiscal squeeze as UK economic outlook darkens
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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 globa l 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
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk. |
| 0:09.8 | Good morning from the Financial Times. |
| 0:11.8 | Today is Friday, November 18th, and this is your FT News Briefing. |
| 0:19.1 | The UK Chancellor announced a plan to boost confidence in Britain's economy. |
| 0:24.0 | A big Bitcoin fund has been swept up into the FTX crypto turmoil, |
| 0:29.4 | and the UN Climate Conference wraps up today with a lot left to do. |
| 0:34.5 | I'm Sonya Hudson and from ArcFilippino, and here's the news you need to start your day. |
| 0:48.0 | UK Chancellor Jeremy Hunt yesterday laid out plans to slash public spending and raise taxes. |
| 0:55.3 | He wants to fill a 55 billion-pound fiscal hole. |
| 0:59.7 | This was his long-awaited autumn statement, and the FT's Chris Giles joins me to talk more about this. |
| 1:05.8 | Hey, Chris. |
| 1:06.9 | Hey, Sonya. |
| 1:08.5 | What is Jeremy Hunt trying to accomplish here? |
| 1:11.8 | The goal of this plan is pretty simple. |
| 1:13.6 | The goal of the plan is to show to the financial markets that the UK is back as a sensible country |
| 1:20.8 | that it cares about what the markets think, and so it wants the public finances to look sustainable, |
| 1:26.9 | and it's defined sustainability as to have in the medium-term public debt falling as a share |
| 1:33.1 | of national income, and that is why we had to see this very large increase in taxation and cuts |
| 1:39.9 | in public spending to get there, because without it, the public finance forecasts were off-tracks. |
| 1:46.2 | A debt was going to be rising year on year on year, and the borrowing was going to be pretty high. |
| 1:51.7 | So you mentioned wanting to reassure markets, and it seems to me that this plan is just the total |
... |
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