UK’s Kwarteng sticks to tax plan saying he’s ‘not going anywhere’

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Chancellor of the Exchequer Kwasi Kwarteng said he’s “not going anywhere, vowing to press on with his economic strategy, even as he comes under intense pressure to reverse chunks of a tax-cutting package announced last month.

“Our position hasn’t changed,” Kwarteng said on Thursday in a pooled television interview in Washington, where he’s attending a meeting of the International Monetary Fund. “We are totally focused on delivering the growth plan.”

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Kwarteng’s comments come even as British officials are privately drafting options for how they might U-turn on parts of the economic strategy announced on September 23, according to a person familiar with the matter. That package was the largest set of unfunded tax cuts in half a century and sparked a sell-off in the pound and gilts.

Prime Minister Liz Truss is facing strong calls from her own Conservative Party to change course in a bid to restore credibility with financial markets.

Read more: UK to publish medium term fiscal plan and forecasts on Oct. 31

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