UK chancellor Kwasi Kwarteng has vowed to double down on his controversial tax-cutting drive despite investor jitters, leaving Conservative MPs and traders braced for further market turbulence.
Kwarteng said on Sunday that there was “more to come” and insisted that Friday’s announcement of ￡45bn in tax cuts was just the start.
After the announcement the pound dropped to its lowest point since 1985, and many Tory MPs have privately expressed fears that sterling will take another pummelling this week. Leading economists and investors warned that the Bank of England might have to introduce emergency interest rate rises to prop up the currency.
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