UK's finance minister Kwarteng says he is focused on growth, not market moves

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LONDON: British finance minister Kwasi Kwarteng said on Sunday (Sep 25) 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. Kwarteng scrapped the country's top rate of incom

LONDON: 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.

Sterling fell by more than 3 per cent to its lowest since 1985 against the US dollar on Friday, and weakened against the euro and Japanese yen as well, while government bonds recorded their sharpest daily sell-off in decades.as much as 4.85 per cent to an unprecedented US$1.0327, extending the fall from Friday.

"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. Kwarteng said it was the responsibility of the Bank of England, and its governor Andrew Bailey, to deal with inflation.

 

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