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UK’s Kwarteng: Mini budget was essential in resetting debate around growth
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LONDON (Reuters) – The British government’s so-called mini budget was essential in helping reset the debate around growth, finance minister Kwasi Kwarteng said on Thursday, after nearly a week of chaos in financial markets triggered by its huge tax cuts.
LONDON (Reuters) – The British government’s so-called mini budget was essential in helping reset the debate around growth, finance minister Kwasi Kwarteng said on Thursday, after nearly a week of chaos in financial markets triggered by its huge tax cuts.
“The mini budget was absolutely essential in resetting the debate around growth and focusing us on delivering much better growth outcomes,” he told reporters while on a visit to a local business in northern England, when asked if it had been an economic disaster.
(Reporting by Sachin Ravikumar, Editing by Kylie MacLellan)
Financial markets are platforms where buyers and sellers engage in trading financial assets such as stocks, bonds, currencies, and derivatives, facilitating the exchange of capital and investment.
Economic growth is the increase in the production of goods and services in an economy over time, typically measured by the rise in GDP.
Tax cuts are reductions in the amount of tax that individuals or businesses are required to pay, often aimed at stimulating economic activity by increasing disposable income.
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