Liz Truss defends Kwasi Kwarteng for attending ‘Champagne reception’ for City traders as Pound tumbled hours after his Emergency Budget
- Colleagues defended Kwasi Kwarteng attending City reception after the Budget
- The Chancellor was at the Tory event hours after his package sent Pound diving
- Mr Kwarteng axed cap on City bonuses and top rate of tax among the measures
Liz Truss today defend Kwasi Kwarteng’s decision to join a ‘Champagne reception’ with City traders in the immediate aftermath of his Emergency Budget.
The Chancellor spent the evening after his package at a Tory networking event – also attended by party chair Jake Berry.
The gathering happened as the Pound was hammered on the markets amid alarm over unfunded tax cuts and the lack of scrutiny from the independent OBR.
Appearing on Sky News’ Ridge on Sunday, Mr Berry insisted there was nothing wrong with the function and Mr Kwarteng merely talked about his ‘plan for growth’.
Meanwhile, the PM said meeting business people was part of Mr Kwarteng’s job – although she also stressed that she does not manage his diary.
Chancellor Kwasi Kwarteng (pictured in Birmingham today) spent the evening after his Budget at a Tory networking event – also attended by party chair Jake Berry
Appearing on Sky News’ Ridge on Sunday, Mr Berry insisted there was nothing wrong with the function and Mr Kwarteng merely talked about his ‘plan for growth’
Mr Berry told Sky News: ‘I was there so I listened to what he said and what he talked about was his plan for growth.’
He added: ‘I can categorically rule out that in terms of the address he made to the group of people who were there as part of this normal treasurer’s event, he did not give any insight into future plans and I’m sure in terms of his private conversations he didn’t give any.’
Mr Berry suggested Mr Kwarteng was drinking a soft drink rather than Champagne, adding: ‘We often have drinks receptions for donors in the Conservative Party and in fact 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 as they do for the Labour Party and the Liberal Democrats.’
Ms Truss told the BBC: ‘The Chancellor meets business people all the time, that’s his job.
‘I do not manage Kwasi Kwarteng’s diary, believe me.’
A source close to Mr Kwarteng said: ‘It is completely normal for the Chancellor to engage with businesses after a fiscal event.’
The source added that Mr Kwarteng had ‘addressed key stakeholders in the business world, including the financial services sector, to talk through what the plans mean for jobs, growth and investment in the UK’.
The pound fell to a record low of $1.03 on Monday but was trading at $1.11 yesterday after the Bank of England intervened to prop up gilts markets and made clear it is ready to bring in severe interest rate hikes.
Liz Truss said meeting business people was part of Mr Kwarteng’s job – although she also stressed that she does not manage his diary
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