UK's Kwarteng: The plan we put forward caused a little turbulence

Eren Sengezer FXStreet

UK Finance Minister Kwasi Kwarteng acknowledged on Monday that the fiscal they have introduced caused "a little disturbance" in markets, as reported by Reuters.

Additional takeaways

"No more distractions."

"Our growth plan makes sure we focus relentlessly on growth."

"People should keep more of the money they earn."

"We will forge a new economic deal for Britain."

"We will focus relentlessly on economic growth."

"Now I want to focus on delivering the major parts of the growth plan."

"Economic deal will be backed by an iron-clad commitment to fiscal discipline."

"I have asked OBR to publish full forecasts alongside a fiscal plan."

"We will have a strong fiscal anchor with debt falling as a percentage of GDP over the medium term."

"We will act in a fiscally sustainable way."

"To grow economy, we need to do things differently."

Market reaction

GBP/USD preserves its bullish momentum after these comments and it was last seen rising 1.35% on the day at 1.1312.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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