UK’s reputation ‘scarred’, Howard Davies tells staff, as he also warns of government plans to boost competitiveness
The chairman of NatWest has told staff he “never felt so embarrassed internationally” as he did at the International Monetary Fund meeting in the wake of the UK’s disastrous mini-budget, as he warned about government plans to boost the competitiveness of City firms.
Sir Howard Davies told hundreds of employees at NatWest – which is still 48% owned by the state – that ex-chancellor Kwasi Kwarteng’s package of unfunded tax cuts for the wealthy in late September, which triggered a market meltdown, caused “quite a significant problem” and “scarring” of the UK’s reputation, according to a recording reviewed by the Guardian.
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