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- UK Trade Secretary Badenoch: The chancellor is `working well' with Bank of England
UK Trade Secretary Badenoch: The chancellor is `working well' with Bank of England
UK Trade Secretary Kemi Badenoch has crossed the wires again saying:
- The UK is facing global economic pressures.
- The chancellor is `working well' with Bank of England.
- Will not contradict pm Truss on US trade deal.
Badenoch has used her first overseas visit as UK trade secretary to spruik the government's economic strategies as "going for growth in a big way".
The pound was sold off heavily to record lows following the controversy since the chancellor last week announced his mini-Budget, which included plans to cut taxes to the benefit of the most wealthy.
However, Badenoch told investors at the fifth annual Atlantic Future Forum hosted on the HMS Queen Elizabeth, moored in New York, the strategies were necessary due to a "global growth slow-down".
"Right now, there's a global growth slow-down underway," she said.
"And if you'll forgive the pun, we need all hands on-deck to get the world economy's wheels spinning again.
"And that's why in the UK we're going for growth in a big way. And in fact some of you may have heard some major reforms we announced on Friday, to achieve this."
GBP/USD has since recovered a significant amount over the past few days reaching as high as 1.1108 on Thursday in a 62% ratio retracement.
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