Kwasi Kwarteng assures City of support for Bank of England independence

New chancellor promises City bosses radical' plan for economic growth and smooths over Truss's threat to review Bank's remit

The new chancellor, Kwasi Kwarteng, has used his first meeting with bank bosses to reiterate his support for the Bank of England's independence, and promise that the new government was poised to unveil a radical" plan for economic growth.

Kwarteng, who previously led the business department, told 14 executives from City firms, including HSBC, NatWest and Barclays, that the government was pursuing unashamedly pro-growth" policies that would involve slashing taxes and regulations, while creating the right conditions for investment and innovation.