The Bank of England on Monday said it is monitoring financial market developments 'very closely' after a dramatic morning of market turmoil saw the British pound fall to an all-time low against the U.S. dollar.
The radical policy moves put the U.K. at odds with most major global economies at a time of sky-high inflation and a worsening cost-of-living crisis.The U.K. Treasury on Monday afternoon said the government would set out its medium-term fiscal plan on Nov. 23.
Kwarteng requested the independent Office for Budget Responsibility set out a full forecast alongside the plan, the Treasury said."The Fiscal Plan will set out further details on the government's fiscal rules, including ensuring that debt falls as a share of GDP in the medium-term," the Treasury said in a statement.— CNBC's Elliot Smith contributed to this report.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'No chance' Fury-Joshua fight is signed on MondayThere is 'no chance' the contract for a proposed all-British heavyweight world title fight between Tyson Fury and Anthony Joshua will be signed on Monday, says promoter Eddie Hearn.
Read more »
Man charged with attempted murder after three PSNI cars 'rammed by tractor'He is due to appear before Enniskillen Magistrates' Court on Monday
Read more »
England fail to win yet again despite thrilling comeback in draw with GermanyEngland fail to win yet again despite thrilling comeback in draw with Germany.
Read more »
Belfast man appearing on 'chaotic' ITV cooking show Bad Chefs'Expect lots of twists & turns, lots of madness and mayhem, lots of drama and A LOT of disastrous dishes.'
Read more »
Pound sinks to record low against the dollar as chancellor and prime minister defend mini-budgetSterling's decline continued as trading opened in Asia and Australia on Monday - fuelling fears sterling could plunge to parity with the US dollar by the end of the year.
Read more »
Bank of England Says It Won't Hesitate to Hike Rates After Pound Falls to Historic LowThe Bank of England on Monday said it is monitoring financial market developments 'very closely' after a dramatic morning of market turmoil saw the British pound fall to an all-time low against the U.S. dollar.
Read more »