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Truss Adviser Says Kwarteng Must Do More to Reassure UK Markets

Sept. 26, 2022, 8:09 AM

Chancellor of the Exchequer Kwasi Kwarteng must do more to reassure the markets about his plans for the economy after a sell-off sent the pound crashing to an all-time low against the dollar, Gerard Lyons, an external adviser to Prime Minister Liz Truss, said.

Lyons’s comments came as the pound plunged almost 5% in the wake of Kwarteng’s promise to press on with even more tax cuts after unveiling the biggest tax giveaway in half a century on Friday. That stoked fears that the new Chancellor’s fiscal policies will send inflation and government debt soaring.

“He needs to ...