British finance minister Kwasi Kwarteng told investment bank executives on Wednesday that the government was committed to fiscal discipline and that he was working closely with the Bank of England and budget forecasters.
“The Chancellor underlined the government’s clear commitment to fiscal discipline and reiterated that he is working closely with the Governor of the Bank of England and the OBR (Office for Budget Responsibility) ahead of delivering his Medium Term Fiscal Plan on 23 November,” a Treasury readout of the meeting said.
The statement made no reference to market turmoil or the Bank of England’s surprise intervention in bond markets earlier on Wednesday.
“The Chancellor also discussed with attendees how last Friday’s Growth Plan will expand the supply side of the economy through tax incentives and reforms, helping to deliver greater opportunities and bear down on inflation.”
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The Treasury said the meeting was part of a series of roundtables ahead of a planned financial services deregulatory package next month.
“Ahead of the upcoming Big Bang 2.0 deregulatory moment for financial services, the Chancellor discussed potential sectoral reforms that are targeted at boosting growth, generating investment, and delivering higher wages across the UK.
“The Chancellor reiterated his view that ‘a strong UK economy has always depended on a strong financial services sector.'”
