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

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"Let's be clear, the interest rates payable on government gilts is about the same in the United Kingdom now today as it is in the United States," Chris Philp, Britain's deputy finance minister, told Sky News when asked about the market moves.

The pound has fallen more than 11% against the dollar over the last three months, making it the worst-performing major currency recently. It fell to its lowest since January 2021 against the euro on Friday.and cancelled a planned rise in corporate taxes - all on top of a hugely expensive plan to subsidise energy bills for households and businesses.

The Resolution Foundation think tank, which focuses on living standards, said the plans pointed to an extra 400 billion pounds of borrowing over the next five years.Register now for FREE unlimited access to Reuters.com

Hello darkness my old friend

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'The U.K. is behaving a bit like an emerging market turning itself into a submerging market,' Larry Summers says'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. Give it time… 🇺🇸 says hold my 🍺!!
Source: MarketWatch - 🏆 3. / 97 Read more »