The European Commission’s head of economic affairs said on Friday that the UK government’s change in its economic program and the replacement of the chancellor of finance showed the need for countries to exercise caution in implementing fiscal and monetary policies.
“We don’t have lessons to give to anyone, least of all the UK. We have lessons to learn, perhaps, because what happened shows how volatile the situation is and also how careful we are with our fiscal and monetary policy,” Paolo Gentiloni said… at a news conference at the conclusion of a forum in Washington.
The European Commissioner took the opportunity to express his “best wishes” to Britain’s new finance minister, Jeremy Hunt, who took over from Kwasi Quarting on Friday.
The former finance minister has now traveled to Washington for the annual meetings of the International Monetary Fund and the World Bank, but on Friday morning had to return to London.
His budget plan announced on September 23, which calls for tens of billions of pounds worth of tax cuts without clearly specifying how it will be funded, has shaken markets, caused the pound to fall and weakened the government.
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