clarifying that it would wait for its regular November 3 meeting on monetary policy before taking action in response to Chancellor Kwasi Kwarteng’s so-called “mini-budget” on Friday.But Mr Pill acknowledged that the government’s £45 billion slate of tax cuts would “act as a stimulant to demand”, and this “looser fiscal policy ... will require a significant monetary policy response”.
Meanwhile, Mr Kwarteng met senior British financiers whose institutions will be required to help fund additional public borrowing of £72 billion next year. He told them he was confident his economic strategy would work. He said he was confident his plan would deliver growth, and would avoid over-egging inflation by unlocking the supply side of the economy.
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