British Finance Minister Races Back To London As Pressure Builds For Another Policy U-Turn

  • Posted on October 14, 2022
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  • By FC Team
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KEY POINTSKwarteng’s abrupt departure from a series of international finance meetings in Washington, D.C. comes amid a growing political backlash against the Conservative government’s proposed tax cuts.The debt-funded measures, announced on Sept. 23 and estimated to total £43 billion ($48.7 billion), sent financial markets into a tailspin.Prime Minister Liz Truss is under immense pressure to rethink her economic policies as opinion polls show support for her government has collapsed.LONDON — U.K. Finance Minister Kwasi Kwarteng cut short his visit to the International Monetary Fund this week, dashing back to London amid reports Prime Minister Liz Truss is considering a U-turn on parts of her government’s market-rocking tax cuts.Kwarteng told reporters Thursday that he was returning from the U.S. ahead of schedule, without providing further details. Reuters reported, citing unnamed sources, that the finance minister planned to meet with colleagues to work on the government’s medium-term budget plan.Earlier, Kwarteng insisted that he is “not going anywhere” and that he and Truss would “100%” still be in their jobs next month.CNBC.com

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