Chancellor meets with Bank of England governor
The Surrey MP sat down with Andrew Bailey yesterday
The new chancellor - Surrey MP Kwasi Kwarteng - is to meet the governor of the Bank of England twice weekly to address the fragile economic situation.
He sat down yesterday (7 September) with Andrew Bailey, who says he'd welcome a review of the central bank's remit.
But Mr Kwarteng said he'll protect its independence and its role on setting monetary policy.
Speaking after yesterday's meeting, Mr Kwarteng said:
“We face extraordinary economic challenges in the coming weeks and months and I know that families and businesses across the UK are worried.
“The Prime Minister and I are committed to taking decisive action to help the British people now, while pursuing an unashamedly pro-growth agenda.
“We need to be decisive and do things differently. That means relentlessly focusing on how we unlock business investment and grow the size of the British economy, rather than how we redistribute what’s left.
“With a strong and resilient economy, we deliver more jobs, higher wages, and raised living standards – all while reducing our debt-to-GDP ratio in a fiscally sustainable way.”
The Chancellor reiterated his aim to get to 2.5% trend growth, delivering a stronger economy and a Britain that works for everyone.