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Search resuls for: "Alistair Smout Elizabeth Piper"


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☆ UK's Truss sacrifices close friend Kwarteng over unloved fiscal plan
  + stars: | 2022-10-14 | by ( Alistair Smout Elizabeth Piper | Alistair Smout | Elizabeth Piper | ) www.reuters.com   time to read: +6 min
Yet he ultimately carried the can for an unwelcome fiscal plan that roiled bond markets, spooked investors and sparked a major backlash from governing Conservative Party lawmakers. Cutting his visit short, he flew back to London on Friday to "continue work at pace" for a medium-term fiscal plan due at the end of the month. Nor were further moves to re-embrace Treasury orthodoxy through the choice of Scholar's replacement and a decision to bring forward a medium-term fiscal plan and forecasts. In a reply to Kwarteng, Truss said she was deeply sorry to lose a long-standing friend from government. But a finance minister being ditched so quickly for his policies - especially when they were so closely aligned with the prime minister - is unprecedented in modern times.
☆ Challenging 'orthodoxy,' Kwarteng clings on after UK market rout
  + stars: | 2022-09-29 | by ( Sinead Cruise Alistair Smout Elizabeth Piper | Sinead Cruise | Alistair Smout | ) www.reuters.com   time to read: +7 min
A source at the Treasury said Kwarteng had no plans to resign or reverse any policies. DO THINGS DIFFERENTLYBritain's first Black Chancellor, Kwarteng is the son of Ghanaian immigrants. In Kwarteng, Truss picked a key ideological ally with whom she co-wrote a book that spells out a low tax, small state, deregulated vision of Britain. One other aspect that raised investor ire was Kwarteng's decision to release a fiscal plan without the accompanying scrutiny of the independent Office for Budget Responsibility. Kwarteng will set out a medium term fiscal plan alongside OBR forecasts on the scale of government borrowing on Nov. 23.
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