Truss, Kwarteng Do a U-Turn on Top Rate Tax Cut Plan

The transcript discusses a government policy U-turn that spooked the market, focusing on the chancellor's response to political pressure and criticism over a tax cut. The Prime Minister distanced herself from the chancellor, leading to questions about the survival of other government policies. Despite the policy reversal, market concerns persist due to borrowing and the lack of an economic forecast until late November. The pound has seen a temporary boost, but investor concerns remain.

What was the main reason for the government's U-turn on the 45 P rate cut?

• The Prime Minister supported the cut.

• The energy bailout was canceled.

• The Chancellor resigned.

• It was a distraction from other policies.

Who was blamed for the top rate of tax cut?

• The Chancellor

• The Prime Minister

• Michael Gove

• The OBR

What was Michael Gove's stance on the tax cut?

• He had no opinion on it.

• He opposed it as not reflecting Tory values.

• He suggested increasing the rate further.

• He supported it as a Tory value.

What is a major concern for investors despite the pound's boost?

• The Chancellor's media presence

• The lack of an immediate OBR forecast

• The energy bailout's effectiveness

• The Prime Minister's popularity

When is the OBR expected to provide a forecast?

• Immediately

• On November 23rd

• Next year

• In December