'The U.K. is behaving a bit like an emerging market turning itself into a submerging market,' Larry Summers says

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'Between Brexit, how far the Bank of England got behind the curve and now these fiscal policies, I think Britain will be remembered for having pursued the worst macroeconomic policies of any major country in a long time,' Larry Summers said.

“‘Between Brexit, how far the Bank of England got behind the curve and now these fiscal policies, I think Britain will be remembered for having pursued the worst macroeconomic policies of any major country in a long time.’”

The announcement Friday morning of the planned economic policies, which include a package of tax-cutting measures amounting to £45 billion by 2026-27, sent the pound GBPUSD, -3.59% falling more than 2% to $1.0987, the lowest level since 1985. “This is simply not a moment for the kind of naive, wishful-thinking, supply-side economics that is being pursued in Britain,” he said.

“It makes me very sorry to say, but I think the U.K. is behaving a bit like an emerging market turning itself into a submerging market,” Summers added.

 

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