Britain's Treasury chief said Monday he will bring forward the publication of the government's full fiscal statement after facing widespread criticism for not providing details about a multibillion-pound, tax-cutting stimulus package he announced last month.
Kwasi Kwarteng had been expected to publish details of his financial strategy on Nov. 23, two months after he first unveiled plans that included 45 billion pounds in tax cuts, to be paid for by government borrowing. That plan sparked days of turmoil on world financial markets, sent the British pound tumbling to record lows against the U.S. dollar, and forced the Bank of England to intervene to prop up the bond market.
That U-turn was welcomed by many, but Kwarteng and Prime Minister Liz Truss's Conservative government still face deep scepticism because they have said they will stick to the government's other tax policies, including slashing the basic rate of income tax and reversing a corporation tax hike planned by the previous Conservative government.
The central bank has been raising the benchmark interest rate steadily in recent months as inflation continued to climb, but many economists predict that the bank will announce a sharper increase in November.
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