UK’s Kwarteng won’t resign, no reversal in policy

It was reported on Wednesday that British Finance Minister Kwai Kwarteng will not resign over the market reaction to the fiscal plan and added that there will no reversal of policy.

Meanwhile, the Bank of England announced the gilt market intervention amid growing fears overs insolvencies of pension funds by as early as this afternoon. As for the market’s reaction; the GBP/USD pair showed no immediate reaction to this headline and was last seen posting small daily gains near 1.0828.