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UK market crash? The minister says there is nothing to see here.

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LONDON, September 24 (Reuters) – On Saturday, the UK’s undersecretary of the Treasury dismissed the historic slump in the pound and government bonds in response to the UK’s new economic growth plans.

The pound hit a 37-year low below $1.09 on Friday, and gold had its worst day in decades as markets digested Treasury Secretary Kwasi Kwarteng’s announcement of a borrowing for growth.

When asked about market movements, UK Deputy Treasury Secretary Chris Pilpe said: “The interest rate you have to pay on government gold is pretty much the same today in the US and UK.”

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“The dollar you mentioned strengthens against several currencies, including the yen and euro.”

The pound has fallen more than 11% against the dollar over the past three months, making it the most underperforming major currency in recent times. It fell to its lowest level since January 2021 against the euro on Friday.

In addition to costly plans to subsidize energy bills for households and businesses, Kwarteng repealed the country’s top income tax rate and canceled a planned corporate tax increase.

The Resolution Foundation think tank focused on living standards said the plan would borrow an additional £400 billion over the next five years.

“(Reason) We’re not doing this for the intraday movement of the currency market,” said Philip.

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Report by Andy Bruce Edited by Frances Kerry

Our Standard: The Thomson Reuters Trust Principle.

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