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UK market meltdown? Nothing to see here, Treasury minister says | Fin24

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Britain's deputy finance minister on Saturday played down a historic collapse in the pound and government bonds in response to the country's new economic growth plan, which sent international investors heading for the exit. | News24_Business

The pound slumped 3.6% on Friday below $1.09, a new 37-year low against the dollar, while gilts suffered their worst day in decades as the market digested finance minister Kwasi Kwarteng's announcement of a borrowing-funded drive for growth.

"You mention the dollar, that's been strong against a number of currencies, including the yen and the euro." Kwarteng scrapped the country's top rate of income tax and cancelled a planned rise in corporate taxes - all on top of a hugely expensive plan to subsidise energy bills for households and businesses.

 

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