Finance

UK finance minister declines to comment on fall in sterling

The Chancellor of the Exchequer Kwasi Kwarteng speaks during the Government’s Growth Plan statement at the House of Commons, in London, Britain, September 23, 2022. UK Parliament/Jessica Taylor/Handout via REUTERS

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LONDON, Sept 23 (Reuters) – British finance minister Kwasi Kwarteng said it was a “very good day for the UK” on Friday, after he set out tax cuts and huge increases in borrowing in a statement that floored financial markets, with sterling and British government bonds in freefall.

Asked whether the fall in sterling was good for the economy, he said: “I don’t comment on market movements.”

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Reporting by Muvija M, Editing by Kylie MacLellan

Our Standards: The Thomson Reuters Trust Principles.

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