AN enamelled turban ornament from India fetched £350,000 in an auction held by Sotheby’s auction house in London on Wednesday (1).
The 19th-century gem-set turban ornament, or a sarpech, belonged to the Sikh Khalsa (or the army of the Sikh Empire) commander Hari Singh Nalwa.
Two 17th century Mughal miniature paintings from India were also auctioned by Sotheby’s auction house.
Reeves had given a speech on November 4, where she referred to a “weaker than previously thought” productivity performance.
CHANCELLOR Rachel Reeves on Sunday said she did not mislead the public over official forecasts ahead of this month’s budget, stating she had been clear about the need to increase the fiscal buffer.
Reeves had given a speech on November 4, where she referred to a “weaker than previously thought” productivity performance. The remarks were seen as setting the stage to potentially move away from Labour’s pre-2024 election commitment not to raise income tax rates.
On Friday, the head of Britain’s budget watchdog said in a letter that earlier forecasts sent to the government showed the productivity downgrade was offset by higher real wages and inflation, information which Reeves did not include in her speech.
The Office for Budget Responsibility’s confidential forecasts, provided to Reeves before her November 4 remarks, showed she would meet her fiscal rules with a margin of 4.2 billion pounds, excluding any budget decisions or the reversal of welfare cuts made earlier in the year.
Reeves told Sky News on Sunday that increasing that buffer was her focus, saying the surplus was too small by historical standards and that she wanted to give the Bank of England room to keep cutting interest rates.
“The just over 4 billion pounds surplus was not enough,” she said. “The headroom would not have been enough, and it would not give the Bank of England space to continue to cut interest rates.”
When she presented the budget on Wednesday, Reeves had expanded her headroom against the fiscal rules to 21.7 billion pounds, up from 9.9 billion pounds in her earlier fiscal plan.
The Conservative Party has said Reeves should resign for misleading the public about the economic situation before the November 26 budget.
By clicking the 'Subscribe’, you agree to receive our newsletter, marketing communications and industry
partners/sponsors sharing promotional product information via email and print communication from Garavi Gujarat
Publications Ltd and subsidiaries. You have the right to withdraw your consent at any time by clicking the
unsubscribe link in our emails. We will use your email address to personalize our communications and send you
relevant offers. Your data will be stored up to 30 days after unsubscribing.
Contact us at data@amg.biz to see how we manage and store your data.
