Liz Truss defends Kwasi Kwarteng’s decision to attend a champagne reception with City traders immediately following the release of his emergency budget.
The evening following his speech, the Chancellor attended a Tory networking dinner, which was also attended by party head Jake Berry.
The gathering occurred while the British pound was being pummeled on the markets due to concerns over unfunded tax cuts and the absence of oversight by the independent OBR.
Sunday on Sky News’ Ridge, Mr. Berry said there was nothing improper with the function and that Mr. Kwarteng only discussed his “development plan.”
In the meantime, the Prime Minister stated that meeting with businesspeople was part of Mr. Kwarteng’s duties, but she emphasized that she does not supervise his schedule.
Chancellor Kwasi Kwarteng (seen in Birmingham today) spent the evening following his Budget at a Tory networking event, which party head Jake Berry also attended.
Sunday on Sky News’ Ridge, Mr. Berry argued there was nothing improper with the function and that Mr. Kwarteng only discussed his ‘development strategy’
Mr. Berry told Sky News, “I was there, so I listened to what he stated, which was his growth strategy.”
He said, “I can completely rule out that he gave any insight into future intentions in his address to the group of persons who were there as part of this typical treasurer’s event, and I’m confident he didn’t disclose any in his private conversations.”
Mr. Berry suggested that Mr. Kwarteng was drinking a soft drink rather than Champagne, adding, “We often have drinks receptions for donors in the Conservative Party, and these people should be lauded because we don’t have public funding of political parties, and these are people who go out and make money and donate to political parties in the same way they do for the Labour Party and the Liberal Democrats.”
Ms. Truss stated to the BBC, ‘It is the Chancellor’s role to engage with businesspeople frequently.
‘I do not control Kwasi Kwarteng’s diaries, believe me.’
According to a source close to Mr. Kwarteng, it is common for the Chancellor to communicate with businesses following a fiscal event.
The source stated that Mr. Kwarteng had “addressed key business players, particularly the financial services industry, to explain what the proposals entail for jobs, growth, and investment in the United Kingdom.”
The pound sank to a historic low of $1.03 on Monday, but yesterday it was trading at $1.11 as the Bank of England intervened to support gilts markets and made it plain that it is prepared to implement severe interest rate hikes.
Liz Truss stated that meeting with businesspeople was part of Mr. Kwarteng’s job description, but emphasized that she did not regulate his schedule.
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