Tories turn on Kwarteng after Bank of England intervention to save pension funds 🔴 Senior minister says the government needs to urgently change its economic policy but sources close to the Chancellor say he will not alter course
The markets squeeze left pension funds which are heavily invested in bonds facing unsustainable demands to put up extra capital in order to meet their potential obligations.
The Chancellor is on Thursday expected to appear in public for the first time since Sunday following demands from MPs that he and Ms Truss should take further steps to reassure the public. But a source close to the Chancellor insisted there was no prospect of scrapping the tax changes announced last week. A Cabinet minister added: “We have made an enormous energy price intervention, and every political party would propose to do the same. We will continue on our planned growth plan, whilst underwriting business and citizens through the energy price crisis.”
A Conservative MP blamed fellow Tories for helping to stoke the markets reaction, saying: “We have just intervened in energy prices and altered the direction of economic policy. There was bound to be reaction. Panic by MPs will hinder settling the markets.”
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