Moody's is worried about the fiscal chops of incoming PM Truss

I posted yesterday on likely new PM Truss, who while campaigning to become the new Prime Minister found the solution to every problem seemed to be generously throwing more (taxpayer) money at it:

• The more cash she promises (which the market will see as stimulus) the greater pressure it'll create on the Bank of England to hike harder and faster, at the margin.

Moody's are worried, via Reuters headline:

• Moody's on government of United Kingdom says new prime minister's fiscal pledges will complicate post-pandemic consolidation

While ratings agencies such as Moody's are adept at mangling the language, what they mean by this is Truss' promised fiscal profligacy poses an outlook and rating risk to the UK.

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Anyway, not to be churlish, congratulations to the new PM, good luck.

• Liz Truss is the new UK prime minister
• UK PM Truss: I will deliver a bold plan to cut taxes and grow the economy

At least she makes good holiday decisions: