Home Business Britain fast-tracks fiscal plans as Truss hangs by thread

Britain fast-tracks fiscal plans as Truss hangs by thread

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London, Oct 17 (ABC): Britain’s new finance chief Jeremy Hunt will Monday bring forward fiscal measures to further calm markets turmoil, in another government U-turn that appears to have left Liz Truss’s position as prime minister hanging by a thread. Chancellor of the Exchequer Hunt, parachuted into the job on Friday to replace sacked Kwasi Kwarteng, will at 1000 GMT trail measures from a fiscal plan due October 31.

Hunt, who is Britain’s fourth finance minister in as many months, will also address lawmakers over his plans at 1430 GMT. The news sent the British pound surging more than one percent against the dollar, while bond yields fell sharply on investor relief. Truss fired her close friend Kwarteng on Friday after their recent tax-slashing budget sparked markets chaos, fuelling intense speculation over her political future one month after taking office.

Hunt’s announcement “will support fiscal sustainability”, the Treasury said in a statement, after last month’s notorious budget had sent bond yields spiking and the pound collapsing to a record dollar low on fears of rocketing debt. “This follows… further conversations between the prime minister and the chancellor over the weekend, to ensure sustainable public finances underpin economic growth,” the Treasury added.

  • Internews Pakistan is an Islamabad-based news agency established in 1997.

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