Kwarteng Heads for a Tough Meeting With London’s Top Bankers
- Shares in banks have been battered since fiscal bombshell
- New chancellor faces serious questions over UK’s markets rout
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A Tuesday meeting between the Chancellor of the Exchequer and top British financiers was supposed to be a broad discussion about his plans to unleash growth. The pound’s plunge and the brutal sell-off of government debt may make it more of a crisis summit for the finance industry.
Shares in British banks and insurers have been battered since Kwasi Kwarteng’s mini-Budget on Friday shocked markets and triggered questions about how Prime Minister Liz Truss’s new administration will pay for its multibillion pound tax-cutting and energy-support package.