New British Health Chancellor of the Exchequer Kwasi Kwarteng steps outside Number 10 Downing Street in London

Loans will be higher in the short term

In his first appearance since his appointment by Prime Minister Liz Truss on Tuesday, he met with prominent City of London bankers to explain the government’s new growth-oriented economic approach.

“Given the scale of the gas crisis, the government’s first priority will be to support homes and businesses in the short term,” the statement said.

“The chancellor was clear that this would mean increased necessary borrowing in the short term, while ensuring monetary stability and fiscal discipline in the medium term.”

Kwarteng used the meeting to show his full support for the independent Bank of England and its mission to contain inflation, which is key to meeting the challenges of the cost of living.

“We face extraordinary economic challenges in the coming weeks and months and I know families and businesses across the UK are concerned,” Kwarteng said in a statement.

“The Prime Minister and I are determined to take bold action to help the British people now, while we unabashedly pursue a pro-growth agenda.”

“We need to be bold and do things differently. That means focusing relentlessly on how to free up business investment and increase the size of the UK economy, rather than how to redistribute what’s left.”

“With a strong and resilient economy, we are creating more jobs, higher wages and higher living standards – all while lowering the debt-to-GDP ratio in a financially sustainable way.”

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