Bloomberg Tax
Sept. 26, 2022, 8:09 AM

Truss Adviser Says Kwarteng Must Do More to Reassure UK Markets

Joe Mayes
Joe Mayes
Bloomberg News

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 ...