Reuters with the news item, citing unnamed sources.
Market chatter is that he will be doing a U-turn on his tax cut plan. This unfunded plan is what triggered the melt-down in gilts and subsequent Bank of England intervention to prop up that market. The ramifications for GBP were a similar meltdown and bounce on the BoE rescue action.
More from the report:
- Kwarteng cuts short trip to washington to return to London
- Travelling back to London to continue work on the medium-term fiscal plan
- Kwarteng had successful two days at IMF-world bank meetings
more to come
