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BoE chief has 'meeting of minds' with new UK finance minister

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Former chancellor Kwasi Kwarteng was sacked after a controversial budget plan caused market upheaval. Read more at straitstimes.com.

"It's not appropriate for me to constrain the choices he makes," Bailey said."I can tell you there is a very clear and immediate meeting of minds on the importance of stability and sustainability," he said, at the G-30 international banking seminar, during the annual meetings of the International Monetary Fund.on Friday and abandoned a key plank of their budget, pledging to raise corporation taxes after all.

Kwarteng had rushed back to London from the IMF meetings in Washington, where the crisis lender's chief had lectured him about the need for a"coherent" fiscal policy that does not undermine central bank efforts to contain inflation. Hunt, a former foreign minister, admitted on Saturday that"mistakes" had been made, saying Kwarteng and Truss had erred in trying to cut taxes for the highest earners.

Presenting their plan without independent forecasts from the Office for Budget Responsibility, he added, amounted to"flying blind."

 

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