Make Kitco Your Homepage

UK has work to do to restore global reputation: BoE's Ramsden

Kitco News

LONDON, Nov 24 (Reuters) - Britain still has work to do to restore its international reputation after the turmoil which followed finance minister Kwasi Kwarteng's Sept. 23 mini-budget, Bank of England deputy governor Dave Ramsden said on Thursday.

Although risk premia on British government bonds have fallen back to levels before the mini-budget, Ramsden said he had still detected some remaining concern during recent travel to meet foreign policymakers.

"Credibility is hard won but easily lost. So whilst on the surface the facts point to this premium having disappeared, there's no doubt that our reputation has taken a hit ... as a kind of economic policymaking jurisdiction," he told an economics conference hosted by King's College London.

The IMF welcomed budget plans set out last week by new finance minister Jeremy Hunt.

Reporting by David Milliken and Suban Abdulla, Editing by Kylie MacLellan
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.