According to the BBC on the 1st, on September 30, local time, British Prime Minister Trass and Chancellor Kwasi Kwoten met with the head of the UK Budget Responsibility Office in an attempt to appease the market after the tax cut plan.

Source: Global Times-Global Network

[Global Times-Global Network Reporter Ding Yazhi] According to the BBC (BBC) report on the 1st, on September 30, local time, British Prime Minister Tras and Chancellor Kwasi Kwoten met with the head of the British Budget Responsibility Office in order to appease the market after the tax cut plan. Tras said: "I will act in different ways, which involves difficult decisions, including short-term interruptions."

On September 23, the British government announced a large-scale tax cut plan, intending to cancel the plan to increase the maximum tax rate of enterprises to 25%, continue to maintain the current level of 19%, and reduce the personal income tax rate from 20% to 19% from April 2023. At the same time, the British government plans to significantly reduce stamp duty, increasing the stamp duty exemption from £125,000 to £250,000. Quasi Kwoten said £45 billion will be charged less taxes in fiscal 2026-2027.

Investors were "terrified" as the tax cuts were not supported by the UK Budget Responsibility Office. For a week, the UK financial market has experienced continuous comprehensive fluctuations, and the pound against the US dollar exchange rate fell below 1.04 in early Asian trading on the 26th, hitting a record low.

Previously, Tras refused to cancel the tax cut plan or announce the independent fiscal supervision of institutions' assessment of its tax plan. On the 29th, she said in an interview with BBC Local Radio that budget plans are often accompanied by controversy, but the government needs to act quickly to avoid the expected recession, is using various means to promote economic growth, and is working closely with Bank of England on fiscal plans.

After meeting with the head of the Budget Responsibility Office on Friday, Tras promised to release the Budget Responsibility Office's forecast on November 23, and the Chancellor of the Exchequer will formulate further economic plans on the same day. She reiterated her commitment to "economic growth" and insisted that she would maintain "iron control of the country's fiscal system."