Kwarteng pleads for Tory MPs to stay united as the Bank of England's chief economist savages claims that the financial turmoil is only a global problem
The chancellor, who has dug his heels in over his big tax cutting plan, again insisted to colleagues that global markets were volatile thanks to the war in Ukraine, post-Covid issues and a "super strong" dollar.
"There is immense global market volatility – not just a UK issue – being driven by war, Covid hangover, and a super strong USD all other major currencies are wrestling with .
He said "supply side reforms coming over next six weeks" would include changes to business regulations, financial services and childcare.
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