A market rebellion forced the UK to scrap its economic growth plan. It's a warning for global leaders. | Businessinsider

📆 18/10/2022 21:30:00
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The ferocious market reaction to UK Prime Minister Liz Truss' aggressive tax-cutting plan has forced her to ditch most of her proposals and fire her finance minister, Kwasi Kwarteng – all in the space of only a month. | BISouthAfrica

Truss now faces calls to resign, a signal to other world leaders that aggressive economic policymaking in the current climate of fragility can spook investors and cost lawmakers their jobs.Pounds, bonds, and emergency action

Investors feared the cuts would accelerate already-high inflation, force the Bank of England to hike interest rates by more than expected, and blow a hole in the national budget. This, in turn, threatened to worsen the UK's cost-of-living crisis, choke economic growth, and push the country closer to fiscal meltdown.

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