Politics

Chancellor Kwarteng makes hasty retreat from IMF for crisis talks over planned tax cuts

The pound rallied, nearing a one-week high as the markets priced in the expectation of a U-turn on fiscal plans

Kwarteng and prime minister Liz Truss came under scathing criticism and pressure since the 23 September announcement of £43bn in unfunded tax cuts
Kwarteng and prime minister Liz Truss came under scathing criticism and pressure since the 23 September announcement of £43bn in unfunded tax cuts Photo: Bloomberg via Getty Images

Kwasi Kwarteng has left Washington and headed back to Downing Street where he is set to address potential plans to either postpone or climb down from the tax cuts announced last month.

A government source told the Financial Times that the chancellor’s exit was necessary to convey the new plan to MPs and the public ahead of a full announcement on 31 October.

WSJ Logo