Amidst the financial turmoil the chancellor Kwasi Kwarteng has told investment bankers that the government is committed to fiscal discipline and that he is working closely with the Bank of England and budget forecasters.
A statement from The Treasury said that at the meeting: “The chancellor underlined the government’s clear commitment to fiscal discipline and reiterated that he is working closely with the governor of the Bank of England and the OBR [Office for Budget Responsibility] ahead of delivering his medium term fiscal plan on 23 November.”
The meeting with executives from the investment banking sector, is part of a series of roundtables ahead of the chancellor’s financial services deregulatory package next month.
The chancellor discussed with the bankers how last Friday’s growth plan will expand the supply side of the economy through tax incentives and reforms.
Ahead of the upcoming Big Bang 2.0 deregulatory moment for financial services, Kwarteng reiterated that “a strong UK economy has always depended on a strong financial services sector.”
Among the attendees were executives from Bloomberg, the London Stock Exchange, the London Metal Exchange, UBS, Bank of America, Standard Chartered, Morgan Stanley (NYSE:MS), Citi, Deutsche Bank, JP Morgan Chase & Co and Rothesay..