UK’s Kwarteng, asked about new U-turn, says no change in his position

Sky News and other media said earlier on Thursday that Prime Minister Liz Truss was considering a possible U-turn on the plan not to raise corporation tax.

File photo of British Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng. (Reuters)

British finance minister Kwasi Kwarteng said he was focused on delivering on his “mini-budget” and economic growth after media reported the government was considering reversing parts of his plan which has caused havoc in financial markets.

“Our position hasn’t changed. I will come up with the medium-term fiscal plan on the 31st of October, as I said earlier in the week, and there will be more detail then,” Kwarteng told BBC television on Thursday on the sidelines of a meeting of finance leaders at the International Monetary Fund.

“My total focus… is on delivering on the mini-budget and making sure that we get growth back into our economy.”

Story continues below this ad

Asked repeatedly about the reports of a possible U-turn on his plan to freeze corporation tax – rather than allow it to increase as planned by his predecessor Rishi Sunak – Kwarteng repeated that he was focused on his growth plan.

Sky News and other media said earlier on Thursday that Prime Minister Liz Truss was considering a possible U-turn on the plan not to raise corporation tax. Truss’s office said there was no change in the plan.

After those reports, the pound jumped against the U.S. dollar and British government bond prices recovered some of the steep losses incurred since Kwarteng’s “mini-budget” announcement on Sept. 23.

The BBC asked Kwarteng if he would be finance minister and Truss would still be prime minister this time next month. Kwarteng replied: “Absolutely, 100%. I’m not going anywhere.”

Stay updated with the latest - Click here to follow us on Instagram

H-1B $100,000 entry fee explained: Who pays, who’s exempt, and what’s still unclear?

Explained2 hr ago

The White House's decision to impose a $100,000 entry fee on H-1B visa holders has sparked worry among Indian tech workers and students. While uncertainties remain about its implementation and exemptions, major tech companies have cautioned employees against traveling. The policy could lead to a shift towards other visa categories and potentially change the STEM immigration pipeline.

View all shorts

Live Blog