During his first meeting with the most prominent banks and insurers in the nation, the newly appointed Chancellor of the Exchequer stated that the government will take “decisive action” to assist the British people in getting through the current energy crisis.
The message was conveyed by Chancellor Kwasi Kwarteng following a meeting with leaders from the City that lasted for an hour and took place on Wednesday morning at the Treasury.
A number of the most senior executives from the world’s most prominent financial institutions, including the heads of Barclays, NatWest, Lloyds Banking Group, and HSBC, as well as leaders from Aviva, Legal & General, and the leading investment banks, were there.
The Prime Minister and I are devoted to take drastic action to aid the British people now, while pursuing an unapologetically pro-growth agenda
Mr. Kwarteng advised the leaders that the government will need to borrowing extra money in the process in order to assist households and companies through all the current energy and cost-of-living problems.
He stated that “We face significant economic problems in the next weeks and months,” and I am aware that families and companies all across the UK are worried about it.
“The Prime Minister and I are committed to take decisive action to support the British people now, while still pursuing an unabashedly pro-growth agenda,” she said. “We will not let the people of the United Kingdom down.”
The Chancellor has pledged to ensuring that the economy expands at a rate that is greater than the rise of the nation’s debts as part of the pro-growth policy that was articulated.
This would entail a “radical” supply-side agenda, which would mean that in the future, firms might see reductions in the cumbersome regulation and taxation they are subject to.
According to him, altering the conditions under which businesses operate will, in turn, generate more jobs and wealth and propel economic growth.
“We need to make up our minds and approach things in a different way. That means we must persistently focus on how we can raise the size of the British economy and unlock company investment rather than how we can disperse what is left over, as Mr. Kwarteng explained further.
According to reports, the financial regulator for the City of London has requested that the largest banks in the United Kingdom detail their strategies for assisting consumers during the current cost of living crisis.
It is highly probable that during his meeting with the leaders on Wednesday, the Chancellor will have emphasized the significant part that banks and insurers play in the economy.
Nigel Wilson, the chief executive of the insurance company Legal and General, expressed his satisfaction with the meeting that he had with Mr. Kwarteng, describing it as “terrific” in an interview with the PA news agency.
While everything is going on, the incoming Prime Minister, Liz Truss, is due to make an announcement on Thursday regarding a plan to freeze energy prices in England, Scotland, and Wales at approximately £2,500.
The policy, which, according to The Times, could end up costing as much as £150 billion, would be funded by borrowing money and increasing taxes on the general population.