The chancellor spoke to MPs yesterday to reassure them about his economic strategy and will now meet financiers after falls in the value of the pound and fears about the property market
The chancellor has insisted he is"confident" his strategy will deliver the promised economic growth.Last night he spoke by phone to Tory MPs at a time of growing anger on the backbenches over the government's strategy.
Some have been openly expressing concerns about the new economic approach, and the effect it has had on financial markets, saying the party risks trashing its reputation for managing the economy with voters.Speaking to Good Morning Britain, he said the situation amounts to a"perfect storm"."When... people would come into the surgery in tears because they were losing homes and they were losing businesses.
Sky News understands that the chancellor stood by his decision to cut taxes for the highest earners on his call yesterday, telling them"it was a tough choice but the right choice".Sky's economics and data editor Ed Conway takes a look at the most recent numbers on the pound's volatility.He argued his fiscal strategy was focused on the medium-term, and was aimed at showing voters"we can be more efficient in how we spend taxpayers' money".
He went on to say that the economic situation would be better in 2024, before what he said was always going to be a"tricky" general election - with LabourHe told MPs that he was establishing a"good working relationship" with the governor of the Bank of England and was in daily contact with him. He also acknowledged that markets had been volatile but said they were now"settling down" and argued the turmoil reflected a frustration that the markets had not known everything that was included in the mini-budget.