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

📆 10/18/2022 2:30 PM
📰 News24

⏱ Reading Time:
17 sec. here
2 min. at publisher
📊 Quality Score:
News: 10%
Publisher: 80%

United States News News

United States United States Latest News,United States United States Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

BISouthAfrica Poor African 🤷‍♂️

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

New fiscal approach by new UK finance minister Jeremy HuntHunt spent his first weekend in the role coming up with a radically different financial plan from that of UK Prime Minister Liz Truss
Source: BDliveSA - 🏆 12. / 63 Read more »