- September 27, 2022
- Posted by: Stratford Team
- Category: Economy
Kwasi Kwarteng, UK chancellor, has told leading bankers, insurers and asset managers he is “confident” that his economic strategy will work, as he tried to reassure the City of London after days of turmoil on the financial markets.
He also said he was meeting Andrew Bailey, Bank of England governor, on a daily basis to try to stabilise markets. “We’re working closely together,” he said on Tuesday.
Kwarteng said he remained committed to bringing debt under control and insisted that his £45bn of tax cuts – to be funded by borrowing – would boost growth in the medium term.
In a meeting ostensibly scheduled to discuss regulatory reforms in the City of London, the issue of market turbulence after last week’s fiscal statement dominated the discussions.
Kwarteng used the meeting to try to reassure bosses of companies including Aviva, Legal and General, Royal London, BlackRock, Fidelity, and JP Morgan that he had a grip on the situation.
“We are…
