Despite turmoil, UK Treasury chief says economic plan stays

By DANICA KIRKA and JILL LAWLESS
Associated Press

LONDON (AP) — Britain’s Treasury chief has rejected suggestions that the Conservative government would reverse course on economic plans that have roiled financial markets. The comments came even after Prime Minister Liz Truss faced widespread criticism from her own lawmakers during a closed-door meeting. Treasury chief Kwasi Kwarteng on Thursday flatly ruled out a U-turn on the government’s economic growth plan, despite investor concerns that 43 billion pounds ($48 billion) of unfunded tax cuts will push public borrowing in the U.K. to unsustainable levels and fuel inflation. Kwarteng announced the plans three weeks ago when he delivered a “mini-budget” to the House of Commons.