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Financial Secretary to the Treasury Andrew Griffith has said volatility “in all developed markets” is unprecedented.
When asked whether the government was responsible for market turmoil in the wake of the government’s tax-cut plans, he said the UK went into the current economic situation “with a strong balance sheet” and the Bank of England was taking “timely action”.
Highlighting “really big interventions to help every single household with the cost of energy”, Mr Griffith said the UK was dealing with the same issues as other major economies affected by the Ukraine war.
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