Mel Stride, a Conservative MP and chair of the Treasury committee, said Kwarteng was "very, very unlikely to reverse" the £45bn of unfunded permanent tax cuts he announced last Friday, though that is an option. The alternative, he said, was to act quickly to "demonstrate to the markets that growth is realistic". The third option would be deep cuts to public spending - but that would be difficult given the current pressure of inflation, Stride said.
In an interview with the Guardian, he said: "Potentially there is a path, but it's not a very broad path and there is a lot of work to be done. And I have to say this is a huge challenge."
Stride said setting out supply-side reforms would be crucial and identified increasing immigration as the quickest way of boosting growth sustainably. "We need to hear a lot from the government about how they're going to do things in the City and with regulation, infrastructure ... to try and boost growth," he said. "Part of the problem with pulling those levers is that they take time to kick in. The one that interestingly would bite rather more quickly than the others would be immigration."
Kwarteng is under increasing pressure over Friday's fiscal event, which has led to a plunging pound and emergency action from the Bank of England to shore up the gilt market with £65bn.
Diese Geschichte stammt aus der September 30, 2022-Ausgabe von The Guardian.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der September 30, 2022-Ausgabe von The Guardian.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Goodbye blues Pochettino out the door as Chelsea focus on McKenna
Chelsea are prepared to rival Brighton for the appointment of Ipswich's Kieran McKenna after reaching an agreement to part company with Mauricio Pochettino by mutual consent last night.
Wharton's call-up is a credit to flying Eagles
Midfielder only made his Premier League debut in February but has flourished under new Palace manager
Buttler embraces new World Cup chapter after pride was dented
Jos Buttler has admitted pride was dented by England's limp 50-over World Cup campaign last year, with the captain identifying the need for better communication and a more team-first mentality when his men defend their T20 title over the coming weeks.
Swift's UK tour could fuel fraud bonanza, experts warn
The clamour to secure tickets for Taylor Swift's sold-out UK shows is expected to fuel a summer fraud bonanza as new figures showed a \"staggering\" £1.2bn was stolen from unwitting consumers in 2023.
'Just the beginning' After Wagner, Russia looks to increase its influence in Africa
On 3 May, as top US officials confirmed the presence of Russian security forces at the same airbase as American troops in Niger, a popular Telegram channel reportedly run by Moscow-based officials posted a message with an audio clip of the Soviet-era rock band Nautilus Pompilius's 1985 cult song Goodbye America.
Widescale protests mark first day of new Taiwan president
Lai Ching-te's first day as president of Taiwan has been marked by large protests against the opposition over a controversial bill in parliament, foreshadowing a difficult first term for the leader, who lacks a legislative majority.
Georgia's foreign agents law 'could be ditched' if US agrees trade deal
A \"foreign agents\" law that has brought hundreds of thousands of people on to the streets of Georgia's capital, Tbilisi, could be dropped in return for a package of economic and security support from Washington, the ruling party hinted yesterday.
Iranians mourn Raisi as power struggle to succeed him gets under way
The body of the late Iranian president, Ebrahim Raisi, and the other victims of Sunday's helicopter crash have been taken by plane to the holy city of Qom and then to Tehran before a state ceremony today.
Cultural crossfire Artists boycott events over Gaza
Every May the UK music industry descends on Brighton for the Great Escape, the \"showcase\" event that has helped to launch the careers of stars including Stormzy, AlunaGeorge, Fat White Family and Anna Calvi.
UK arms sales Legal advice on Gaza risk to be published
The UK government is preparing to publish a summary of its controversial legal advice that there is no clear risk that British arms sold to Israel will lead to a serious breach of international humanitarian law (IHL).