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The UK's new Chancellor of the Exchequer Kwasi Kwarteng is set to hold crisis talks with the heads of major high street banks on Wednesday, Sky News reported on Tuesday.
A few short hours after his position was announced, Kwarteng has set a meeting with the chief executives of Barclays PLC, Lloyds Banking Group PLC, and NatWest Group PLC on Wednesday.
Citing ‘City sources’, Sky News reported the meeting agenda is to lay out the government's approach to the economic crisis triggered by surging global inflation.
A potential £100 billion energy relief package, that new Prime Minister Liz Truss is said to be in the process of finalising, is not thought to rank high on the agenda.
The package is likely to be financed via government borrowing, as opposed to loans to energy suppliers for subsidies.
Kwarteng will hammer home the importance of the banks supporting customers through the cost of living crisis, one insider said.
HSBC Holdings PLC, Banco Santander SA and Nationwide will also be represented in the talks.
https://news.sky.com/story/chancellor-kwarteng-summons-bank-chiefs-for-economy-crisis-talks-12691527
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