British Prime Minister Liz Truss said on Friday she recognised there had been some financial market disruption following the government's so-called mini-budget and that it was important monetary and fiscal policy are coordinated.
Truss has so far argued market turbulence following the announcement of planned tax cuts a week ago is a result of global problems caused by the Russian invasion of Ukraine, and that she would stick to her plan to try to boost growth.
The Bank of England's chief economist, Huw Pill, said on Thursday there was "undoubtedly" a UK-specific component to the adverse market moves.
"We are working closely with the Bank of England. It's very important that monetary and fiscal policy is coordinated and I recognise there has been disruption," Truss told reporters during a visit to eastern England on Friday when asked if she would accept it was largely a crisis of her own making.
"It was really, really important that we were able to get help to families as soon as possible," she added, citing the government's package of support to help people and businesses struggling with soaring energy bills.
The government's plans were, unusually, not accompanied by forecasts from the Office for Budget Responsibility (OBR), Britain's independent fiscal watchdog.
A resulting sell-off led the Bank of England to intervene with emergency bond-buying to protect pension funds from partial collapse.
Truss and her finance minister Kwasi Kwarteng met with the OBR on Friday and said they were sticking to a Nov. 23 date for another fiscal statement, when they will publish the OBR forecasts.
The OBR said it had offered to produce an analysis for Kwarteng's Sept. 23 tax-cutting plan but were not commissioned to do so.
Asked if it had been a mistake not to publish a forecast, Truss said: "It was important we acted quickly, in that timescale there couldn't be a full OBR forecast but we are committed to the OBR forecast."
(Reuters)
Davindra and Seema Misra, and Vijay and Gita Parekh
Varchas Patel with his father Vipin and mother Jayshriben
Hasmukh Shingadia and his wife Chandrika were all victims of the Horizon scandal
During the hearing, Clifford denied all the charges except for the rape charge, which was added to the indictment at the session. (Photo: Hertfordshire Police /Handout via REUTERS)
Man pleads not guilty to murder of BBC presenter's family
A 26-year-old man has pleaded not guilty to charges of murdering the wife and two daughters of BBC sports commentator John Hunt in a crossbow and knife attack.
Kyle Clifford, who also faces charges of rape, appeared via video link at Cambridge Crown Court on Thursday.
Clifford, arrested in July after a manhunt, is charged with three counts of murder, one count each of rape and false imprisonment, and two counts of possessing offensive weapons – a 10-inch knife and a crossbow.
During the hearing, Clifford denied all the charges except for the rape charge, which was added to the indictment at the session.
He is expected to enter a plea for that charge at a later date.
The victims were Carol Hunt, 61, wife of horseracing commentator John Hunt, and their daughters Louise, 25, and Hannah, 28.
An earlier hearing revealed that Louise had been found tied up and that both she and her sister had been shot with a crossbow, while their mother had been stabbed with a knife.
The fatal attack occurred at the family’s home in Bushey, a commuter town near Watford, northwest of London.
(With inputs from AFP)