29.2 C
Accra
Thursday, July 18, 2024
WorldBank of England: 'Don't panic, we know what we're doing'

Date:

Bank of England: ‘Don’t panic, we know what we’re doing’

This afternoon, the Treasury and the Bank of England made an effort to reassure. The message was crystal clear: Don’t worry; we have you covered.

Privately among some Conservative MPs though, there’s a fear the government doesn’t.

And so politically, a tussle for perhaps the biggest prize of the lot: the mantle of economic credibility.

- Advertisement -

For years, this has been an Achilles’ heel for Labour; pummelled by Conservative opponents labeling them fiscally incontinent; unable to restrain the urge to tax, borrow and spend.

- Advertisement -

But they are now attempting to turn that charge around on the Tories, and allow themselves to imagine this might be a moment – like Black Wednesday 30 years ago – where events spiral beyond the government’s control and so mug ministers of reputations, never to properly return.

Others, though, counsel caution… this moment may pass; pressures may ease.

- Advertisement -

Plenty within Labour still see a landscape changing; a willingness to be listened to again.

What we are witnessing in the markets are the short-term consequences of Friday’s statement from the chancellor.

But there will be long-term consequences too – that will shape the political debate between now and the next election.

Latest stories

Timber Utilisation Contracts ratified by Parliament to facilitate trade

Parliament on Thursday ratified eleven Timber Utilisation Contracts (TUCs),...

2002 Special Armed Forces report expose Jakpa’s notoriety

At the Financial Division of the High Court in...

‘Don’t be pressured to marry’ – Pastor Faith Oyedepo to singles

Pastor Faith Oyedepo, also known as Mama of Living...

Military Secretary ‘sinks’ Jakpa deep

The Chief of Defense Staff, Lieutenant General Thomas Oppong-Peprah,...

2nd Deputy Speaker commends IGP on Ghana’s safety since he took office

Andrew Asiamah Amoako, the 2nd Deputy Speaker of Parliament,...

Related stories

Gunman kills 4 in shooting near Oman mosque

Four people have been killed in a shooting near...

Africa’s richest man Dangote has no house outside of Nigeria, shocks many

Africa’s richest man, Aliko Dangote, has surprised many Nigerians...

Assassination attempts on U.S. Presidents: From Lincoln to Trump

From as early as the 19th century, there have...

Trump campaign shooting: Details about the suspect, Thomas Matthew Crooks

The Pittsburgh suburb of Bethel Park, Pennsylvania, is grappling...

Donald Trump shot at rally

A shooting at a rally for former President Donald...