UK’s Kwarteng: Focused on growth, not market moves
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British finance minister Kwasi Kwarteng said on Sunday that he was focused on boosting longer-term growth, not on short-term market moves, when challenged over the sharp fall in sterling and bond prices following his first fiscal statement, reported Reuters.
On Friday, Kwarteng scrapped the country’s top rate of income tax and cancelled a planned rise in corporate taxes – all on top of a hugely expensive plan to subsidise energy bills for households and businesses.
“As chancellor of the exchequer, I don’t comment on market movements. What I am focused on is growing the economy and making sure that Britain is an attractive place to invest,” he told the BBC, defending the fiscal expansion despite the risks it fuels inflation further, added Reuters.
The news seems to have a little acceptance among the GBP/USD buyers as the quote remains pressured at the lowest levels since 1985, after refreshing the multi-year bottom on Friday.
Also read: GBP/USD Weekly Forecast: Oversold but is selling overdone
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