British finance minister Kwasi Kwarteng cut short his trip to Washington to return early to London on Friday, where pressure is mounting for the new government to scrap an economic policy that unleashed turmoil on financial markets.
The battered pound and government bonds rallied on Thursday as Prime Minister Liz Truss's government began re-examining a package for unfunded tax cuts that has sent borrowing costs surging and forced the Bank of England to intervene.
With pressure mounting on financial markets, the government has already brought forward an announcement for a full fiscal plan that will set out the cost of the unfunded tax cuts and whether they will spark economic growth. Asked if the government was preparing to change course, he told Sky News: "I saw the prime minister yesterday. The prime minister and the chancellor are absolutely determined to deliver on the growth plan.
Mel Stride, a backer of Truss's leadership rival Rishi Sunak and the head of the influential parliamentary Treasury Select Committee, said that suggestion was unacceptable.
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UK's Kwarteng cuts short Washington trip, returns to London, sources sayBritish finance minister Kwasi Kwarteng is cutting short his trip to Washington for this week's global finance minister meetings and returning to London to continue work on his government's medium-term fiscal plan, sources familiar with the matter said on Thursday.
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UK's Kwarteng should change course within 48 hours - senior lawmakerBritish finance minister Kwasi Kwarteng should change course on his budget policy within 48 hours in order to regain the confidence of financial markets and the public, a senior Conservative lawmaker, Mel Stride, said on Friday.
Read more »
UK's Kwarteng cuts short Washington trip, returns to London, sources sayBritish finance minister Kwasi Kwarteng is cutting short his trip to Washington for this week's global finance minister meetings and returning to London to continue work on his government's medium-term fiscal plan, sources familiar with the matter said on Thursday.
Read more »
UK's Kwarteng should change course within 48 hours - senior lawmakerBritish finance minister Kwasi Kwarteng should change course on his budget policy within 48 hours in order to regain the confidence of financial markets and the public, a senior Conservative lawmaker, Mel Stride, said on Friday.
Read more »