French finance minister 'worried' about Britain after pound drop

French Finance Minister Bruno Le Maire said on Friday he was concerned about the situation in Britain, where Prime Minister Liz Truss' plan for huge tax cuts has unleashed chaos on financial markets

"I am not worried about the euro but I am worried about the situation in Britain," Le Maire told Europe 1 radio.

"It shows that (...) dramatic announcements do not work," he said, adding that Britain was also paying the cost of leaving the European Union.

Liz Truss' fiscal plan, set out by Finance Minister Kwasi Kwarteng last Friday, prompted a crisis of confidence in the British government, hammering the value of the pound and government bond prices and jolting global markets.

"Leaving Europe comes at a considerable cost because Europe offers protection (...) the euro zone protected us during the Covid crisis," Le Maire said. 

(Reuters)