Friday, 2 December, 2022
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Pound at two-week high after spending plan reports

The pound has risen to its highest level for two weeks on hopes Kwasi Kwarteng will bring forward details of how he will cut debt.

It rose to $1.14, recovering after the chancellor's plans to fund tax cuts by extra borrowing rattled investors.

The pound remained high despite confusion over when he would set out his debt-cutting plan.

It is scheduled for 23 November but the BBC had understood that it would be bought forward to later this month.

On Monday, Mr Kwarteng had said his plans for how to boost growth as well as an independent assessment of the economic impact of his tax-cutting plans by independent forecaster the Office for Budget Responsibility (OBR) would be published "shortly".

The new date was expected to be announced once parliament returns on 11 October.