Chancellor Kwarteng’s Trip Cut Short
Concern grows following a public outcry from Tory MPs on his economic plan, Chancellor Kwarteng is departing from Washington, DC, early for his flight home.
The new chancellor is the subject of an international uproar after promising large tax cuts in a mini budget that caused the pound to crash, mortgage rates to spike, and a £65 billion Bank of England intervention to save pension funds.
This week to cause market turbulence, and the nation is concerned about what this means for them over the upcoming long, harsh winter as the cost-of-living situation worsens daily.
In reaction to rumours that he will reverse course on the measures, Kwasi Kwarteng stated that the mini-budget and implementing the government’s growth strategy was his “whole attention.”
The chancellor declared that he was “not going anywhere” and would not completely rule out further adjustments. He recognised that there had been “turbulence” following the mini budget but said that the issue was global in nature.
After reports suggested that some of the plan’s components would be dropped, No. 10 dismissed rumours of impending revisions.
