UK's Kwarteng: Government confident in its economic strategy

The UK government is confident in its economic strategy, British Finance Minister Kwasi Kwarteng said on Tuesday.

Kwarteng further added that they will have a credible plan to reduce debt-to-GDP. 

On Monday, Kwarteg announced that they will introduce a "Medium-Term Fiscal Plan" on November 23 alongside updated projections on growth and borrowing.

Market reaction

These comments were largely ignored by the market participants and the GBP/USD pair was last seen trading at 1.0805, where it was up more than 1% on a daily basis.