Rolling coverage of the latest economic and financial news, as pound rises slightly in Asian trading on Tuesday after Monday’s record low
Kwasi Kwarteng faces a fraught meeting of City bosses today at the Treasury, following the horrific market reaction to his tax-cutting mini-budget.
Kwarteng and new City minister Andrew Griffith are due to welcome senior leaders from banks, insurance companies and asset managers today, Bloomberg reports.
Bankers were meant to be wowed by measures such as the end of a cap on their bonuses and the scrapping of the 45% top tax rate, and the early reaction from industry bodies was positive on Friday.
But Monday’s markets meltdown, which sent the UK’s borrowing costs soaring, killed off those good vibes.
