Britain's new economic agenda represents the biggest gamble for growth in a major Western democracy in at least 40 years, for which the chance of success fell instantly as investors ditched sterling assets.
The pound crashed below $1.09 for the first time since 1985 and British government bonds suffered the biggest daily fall in decades. I've rarely seen an economic policy that is as uniformly panned by economic experts and financial markets.Willem Buiter, a former Bank of England rate-setter and Citi's chief global economist until 2018, said Kwarteng's plans to ramp up borrowing were"totally, totally nuts".
"The economy has more than the City... It is no surprise that pound sterling has lost today," he said.On Thursday Kwarteng said his plans to grow the economy would"build stronger capacity to alleviate inflationary pressure". In financial markets, a small number of analysts predict that the BoE will be forced to raise interest rates before its next interest rate meeting.
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