UK’s Kwarteng asked for a new U-turn and said- no change in its position
British Finance Minister Kwasi Kwarteng said he was focusing on his “mini-budget” and economic growth after the media reported that the government was considering reversing parts of his plan, which would lead to turmoil in financial markets. There has been devastation.
“Our position has not changed. I will come out with a medium-term financial plan on 31 October, as I said earlier in the week, and then there will be more details,” Kwarteng told the BBC on the sidelines of a meeting of finance leaders on Thursday. I advised television International Monetary Fund.
“My entire focus…is on giving mini-budget and ensuring that we get growth back in our economy.”
Asked repeatedly about reports of a possible U-turn on his plan to freeze the corporation tax – rather than allow it to be raised as planned by his predecessor Rishi Sunak – Kwarteng reiterated that he was sticking to his growth plan. Were concentrating.
Sky News and other media said earlier on Thursday that Prime Minister Liz Truss was considering a possible U-turn on a plan not to raise corporate taxes. The truss office said there was no change in the program.
Following those reports, the pound jumped against the US dollar. British government bond prices recovered some of the heavy losses they had made since the Kwarteng’s “mini-budget” announcement on 23 September.
The BBC asked Kwarteng if he would be finance minister and if Truss would continue as prime minister this time next month. Kwarteng replied: “Absolutely, 100%. I’m not going anywhere.”