Britain’s ex-finance minister Kwarteng told Truss to ‘slow down’ tax cuts ...Middle East

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LONDON: Britain’s former finance minister in Liz Truss’s short-lived government said in an interview Thursday he had warned the ex-premier to “slow down” her tax cuts that triggered economic turmoil, leading to her downfall.Kwasi Kwarteng, appointed finance minister after Truss succeeded Boris Johnson, made a series of unfunded tax cut announcements in late September as the UK faced a rate of inflation of more than 10 percent.His “mini-budget” panicked the markets, sent the pound to an all-time low and caused both the International Monetary Fund and the central bank to issue warnings.Kwarteng was sacked in mid-October by Truss, who had campaigned on the economic programme and was voted into

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Last updated : 11 Nov 2022 clock 07:32 AM

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Britain’s ex-finance minister Kwarteng told Truss to ‘slow down’ tax cuts ...Middle East

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