Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Kwarteng leaves Washington early with another mini-budget u-turn on the cards

by October 14, 2022
October 14, 2022
Kwarteng leaves Washington early with another mini-budget u-turn on the cards

Kwasi Kwarteng is ending his trip to Washington a day early, flying back to London amid speculation that the government is planning another U-turn on its mini-budget.

The chancellor, who was due to meet counterparts today at the International Monetary Fund (IMF), confirmed he would head back to London overnight.

Treasury sources said Kwarteng was returning to London to work on a medium-term fiscal plan due on October 31. He had appeared at a British embassy reception after meetings with US and other officials at the IMF annual meeting.

Sources close to the chancellor last night said that he wanted to engage with government colleagues and MPs about medium-term fiscal planning. They stressed that his top priority was fiscal responsibility. They added that the IMF gathering showed that finance ministers across the world were all dealing with similar problems of inflation and interest rates, as well as the knock-on effects of the war in Ukraine.

They rejected comparisons to the last time a finance minister left unexpectedly early, when the Greek minister Evangelos Venizelos flew back in 2011 to deal with that country’s sovereign debt crisis.

The chancellor’s decision to cut his trip short comes after the pound and UK bonds rallied on speculation that he would reverse a decision to freeze corporation tax at 19 per cent. Earlier yesterday, he said “let’s see” when asked about the possibility of reinstating a planned increase to 25 per cent.

Officials could not recall a precedent for a chancellor flying back early from the IMF event for domestic reasons.

Kwarteng was due to have meetings in Washington this morning including attending plenary events with fellow finance ministers.

His sudden departure caused speculation that he needed to make urgent decisions about economic policy as the Bank of England prepared to end its emergency bond-buying scheme at the close of market business today. Kwarteng had been due to fly back as the markets closed tonight.

A spokesman for the Treasury said: “After completing a successful series of meetings at the IMF, the chancellor is returning to London today to continue work at pace on the medium-term fiscal plan.”

Kwarteng was said to be taking the last commercial flight out of Dulles airport.

Read more:
Kwarteng leaves Washington early with another mini-budget u-turn on the cards

0
FacebookTwitterGoogle +Pinterest
previous post
Banks set to reign in lending as economic outlook darkens since September’s mini-budget
next post
Republican Blake Masters Closing Gap In Arizona Senate Race – Within Striking Distance Of Mark Kelly

You may also like

Ringover raises €20M to revolutionise sales performance and...

June 7, 2023

Holiday home owners face seeking approval to let...

April 13, 2023

Half of employees have not received a pay...

August 25, 2022

TV streaming services like Netflix now essential expense...

May 7, 2024

Royal Mail workers set to walkout in fresh...

October 12, 2022

Names of UK Covid business loan borrowers to...

January 5, 2023

HMRC splashes £150m on digital skills and launches...

April 24, 2023

What Are the Benefits of Using Forex Charts?

August 12, 2023

Registrations live for the Evening Standard SME XPO...

January 19, 2023

Energy subsidies lift UK borrowing to February high

March 21, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,570)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved