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.
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