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UK prime minister hopefuls feud over tax and spending plans

Tuesday, July 26, 2022

By Andy Bruce and Elizabeth Piper

LONDON (Reuters) - The final two candidates in the race to succeed British Prime Minister Boris Johnson clashed on Monday in a televised debate, during which they tore into each other's tax and spending plans.

Foreign Secretary Liz Truss, the bookmakers' favourite to win the Conservative Party leadership election, told former finance minister Rishi Sunak his emphasis on balancing the government's books would tip the economy into recession.

"Crashing the economy in order to pay a debt back quicker would be a massive mistake," Truss said.

Sunak, whose resignation from government earlier this month set in motion Johnson's downfall, said Truss's plan to cut taxes was nothing more than a "sugar rush" for the economy that would be followed by a crash.

The final stretch of a weeks-long contest has pit Sunak, a former Goldman Sachs (NYSE:GS) banker who has raised the tax burden towards the highest level since the 1950s, against Truss, a convert to Brexit who has pledged to cut taxes and regulation.

Whoever triumphs when the result is announced on Sept. 5 will inherit some of the most difficult conditions in Britain in decades. Inflation is on course to hit 11% annually, growth is stalling, industrial action is on the rise and the pound is near historic lows against the dollar.

Their quarrel on Monday underlined divisions in Britain's ruling party about the best way to manage the economy, with Truss pitching a continuation of Johnson's big-spending ethos, and Sunak portraying the classic Conservative fiscal hawk.

"Does anyone think that the sensible thing to do is go on a massive borrowing spree worth tens of billions of pounds and fuel inflation even further?" asked Sunak, who repeatedly interrupted Truss.

Truss said she would challenge the economic orthodoxy of Britain's powerful finance ministry and dismissed Sunak's warnings about her plans as "project fear" - a line used by Brexit supporters during the 2016 referendum.

A snap opinion poll of 1,032 voters from Survation showed 39% of the British public thought Sunak performed best during the debate, compared with 38% who said Truss did.

Among Conservative voters, 47% thought Truss did best, with 38% for Sunak.

A YouGov survey of Conservative Party members published last week showed Truss held a 24-point lead over Sunak in the race to become leader.

The opposition Labour Party said both candidates had trashed the Conservatives' record in government during the debate, and that neither had offered a plan to tackle a worsening cost-of-living crunch.

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17-08-2022 23:24:31 (UTC+7)

EUR/USD

1.0164

-0.0006 (-0.06%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (4)

EUR/USD

1.0164

-0.0006 (-0.06%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (4)

GBP/USD

1.2037

-0.0056 (-0.47%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (5)

Sell (1)

USD/JPY

135.45

+1.24 (+0.92%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

AUD/USD

0.6920

-0.0101 (-1.45%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (1)

USD/CAD

1.2923

+0.0078 (+0.61%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

EUR/JPY

137.66

+1.17 (+0.86%)

Summary

Buy

Moving Avg:

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Sell (4)

Indicators:

Buy (4)

Sell (3)

EUR/CHF

0.9695

+0.0040 (+0.42%)

Summary

Sell

Moving Avg:

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Sell (6)

Indicators:

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Sell (7)

Gold Futures

1,774.75

-14.95 (-0.84%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Silver Futures

19.668

-0.417 (-2.08%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

Copper Futures

3.5795

-0.0450 (-1.24%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (6)

Crude Oil WTI Futures

87.03

+0.50 (+0.58%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

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Sell (0)

Brent Oil Futures

92.60

+0.26 (+0.28%)

Summary

↑ Sell

Moving Avg:

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Natural Gas Futures

9.239

-0.090 (-0.96%)

Summary

↑ Buy

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Indicators:

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Sell (2)

US Coffee C Futures

217.45

-1.90 (-0.87%)

Summary

↑ Sell

Moving Avg:

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Sell (11)

Indicators:

Buy (0)

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Euro Stoxx 50

3,756.06

-49.16 (-1.29%)

Summary

Sell

Moving Avg:

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Sell (7)

Indicators:

Buy (1)

Sell (4)

S&P 500

4,267.80

-37.40 (-0.87%)

Summary

↑ Buy

Moving Avg:

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Sell (2)

Indicators:

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DAX

13,626.71

-283.41 (-2.04%)

Summary

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Moving Avg:

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Indicators:

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FTSE 100

7,515.75

-20.31 (-0.27%)

Summary

Neutral

Moving Avg:

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Indicators:

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Hang Seng

19,922.45

+91.93 (+0.46%)

Summary

Neutral

Moving Avg:

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Sell (6)

Indicators:

Buy (0)

Sell (4)

US Small Cap 2000

1,980.95

-39.31 (-1.95%)

Summary

↑ Buy

Moving Avg:

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Sell (4)

Indicators:

Buy (8)

Sell (0)

IBEX 35

8,434.80

-77.10 (-0.91%)

Summary

Neutral

Moving Avg:

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Sell (8)

Indicators:

Buy (4)

Sell (1)

BASF SE NA O.N.

42.685

-2.065 (-4.61%)

Summary

Neutral

Moving Avg:

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Sell (6)

Indicators:

Buy (5)

Sell (2)

Bayer AG NA

53.37

-0.93 (-1.71%)

Summary

Neutral

Moving Avg:

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Allianz SE VNA O.N.

177.54

-2.40 (-1.33%)

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Buy

Moving Avg:

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Adidas AG

169.10

-4.26 (-2.46%)

Summary

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Moving Avg:

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Deutsche Lufthansa AG

6.467

-0.280 (-4.15%)

Summary

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Moving Avg:

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Siemens AG Class N

108.64

-3.40 (-3.03%)

Summary

↑ Sell

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Sell (12)

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Deutsche Bank AG

8.856

-0.108 (-1.20%)

Summary

Neutral

Moving Avg:

Buy (6)

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Indicators:

Buy (4)

Sell (3)

 EUR/USD1.0164Sell
 GBP/USD1.2037Neutral
 USD/JPY135.45↑ Buy
 AUD/USD0.6920↑ Buy
 USD/CAD1.2923↑ Sell
 EUR/JPY137.66Buy
 EUR/CHF0.9695Sell
 Gold1,774.75↑ Sell
 Silver19.668↑ Buy
 Copper3.5795↑ Sell
 Crude Oil WTI87.03↑ Buy
 Brent Oil92.60↑ Sell
 Natural Gas9.239↑ Buy
 US Coffee C217.45↑ Sell
 Euro Stoxx 503,756.06Sell
 S&P 5004,267.80↑ Buy
 DAX13,626.71Sell
 FTSE 1007,515.75Neutral
 Hang Seng19,922.45Neutral
 Small Cap 20001,980.95↑ Buy
 IBEX 358,434.80Neutral
 BASF42.685Neutral
 Bayer53.37Neutral
 Allianz177.54Buy
 Adidas169.10↑ Sell
 Lufthansa6.467↑ Sell
 Siemens AG108.64↑ Sell
 Deutsche Bank AG8.856Neutral
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SJC Eximbank6,600/ 6,700
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Cập nhật 17-08-2022 23:24:33
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ↀ Giá vàng thế giới
$1,762.17-13.51-0.76%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$86.99+0.080.09%
Brent$92.59-0.07-0.08%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.235,0023.545,00
EUR23.186,9924.485,46
GBP27.597,2628.774,17
JPY169,51179,46
KRW15,4518,83
Cập nhật lúc 18:50:59 17/08/2022
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