UK Markets closed

UK finance minister declines to comment on fall in sterling

Chancellor's statement on the Government's Growth Plan

LONDON (Reuters) - British finance minister Kwasi Kwarteng said it was a "very good day for the UK" on Friday, after he set out tax cuts and huge increases in borrowing in a statement that floored financial markets, with sterling and British government bonds in freefall.

Asked whether the fall in sterling was good for the economy, he said: "I don't comment on market movements."

(Reporting by Muvija M, Editing by Kylie MacLellan)