By Michiel Willems
The brand new Chancellor, Kwasi Kwarteng, will set out the Government’s new economic approach to the bosses of UK’s major banks after he summoned the banking heavyweights to the Treasury for talks on his first full day in office.
Along with the chief executives, the new occupant of No 11 Downing Street invited the leaders of insurers and investment houses for a meeting on Wednesday morning.
He is expected to outline his new growth-orientated approach, including immediate help for families and businesses to help weather the financial difficulties threatening a recession.
New Prime Minister Liz Truss’s Government is under immediate pressure to alleviate the effects of soaring inflation and energy bills as she prepares to hold an emergency budget.
She has focused her plans on tax cuts, but backtracked to say she would offer direct support to families after initially rejecting “handouts”.
The scale of the crisis facing households and business means that a multibillion-pound support package will be required.
Ms Truss is expected to this week announce a plan to freeze energy bills, which are soaring because of Russian leader Vladimir Putin’s war in Ukraine.
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