Press releases

Ian Stewart, Chief Economist at Deloitte, comments on the Chancellor’s statement this morning

17 October 2022

Ian Stewart, Chief Economist at Deloitte, said in reaction to the Chancellor’s statement this morning:

“This is a shock and awe move aimed squarely at reassuring markets. Less government spending and higher taxes will dampen growth, easing the pressure on the Bank of England to raise interest rates.
The odds of a lower peak in UK interest rates but a deeper recession have just risen.”


About Deloitte

In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.
The information contained in this press release is correct at the time of going to press.

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