Pound’s plummet underlines schoolboy error by Kwasi Kwarteng

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Chancellor added to market worries by pledging further tax cuts in full budget planned for later this year

Kwasi Kwarteng’s inexperience has been exposed.Thein east Asia overnight was further evidence – should any be needed – that confidence in the new Liz Truss government is rapidly draining away.

Part of the story of the pound’s weakness is a function of dollar strength but that does not explain why sterling has fallen so rapidly since the end of last week. There are three UK-related factors behind the fall. The financial markets don’t really know how the Bank of England will respond to the events of the past three days

Source: News Formal (newsformal.com)

 

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