Pound crashes to all-time low as UK chancellor hints at more tax cuts

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Chancellor Kwasi Kwarteng was today forced to quell growing market unease over his low-tax, high borrowing strategy with a promise to set out more details in November, along with independent costings.
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The Bank of England put out a statement too, saying they wouldn't hesitate to hike interest rates at their next meeting, but neither intervention seemed to reassure city markets.
The pound slid once again this evening, having hit a historic low against the dollar earlier in a rollercoaster day.
And amidst the turmoil - the cost of government borrowing shot up too.
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КОМЕНТАРІ: 2 400

@markcaven9289 Рік тому

Good going Liz. You kiĺled the Queen and the pound all in 20 days:)

@Robotron5000Deluxe Рік тому

How can the Conservatives make such massive policy changes to what people voted them in to power on, they have no mandate from the public to do this. We need a general election immediately.

@natashaseiben1048 Рік тому

After the market's Significant gains in the last few years after the worst pandemic , officially entered a new bear market earlier this year, but .My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in the US.

@afgor1088 Рік тому

remember this next time they tell us we can't have public services because they're soooo concerned about the debt

@federicoprice2687 Рік тому

After 43 years of voting Tory, first, I humbly apologise for having aided and abetted them, and secondly, I hereby vow never, ever, to vote for them again.

@fumanchu9701 Рік тому

“If the pound keeps falling, then the prices of a lot of essentials will go up” - that’s another way of saying this country doesn’t produce anything. The UK is a paper based country (financial services). The manufacturing has long gone.

@slackersurf Рік тому

I can’t believe the media still has the nerve to talk to Corbyn like that after everything that has happened and is happening.

@jamesdenton6370 Рік тому

Nice to hear from Jeremy, he is a good man who was masacered for SOME policies that would be incredibly helpful right now.

@michaelmouse4024 Рік тому

One month ago it was 'Go Liz!' Now it's 'Please, Liz... Just go'

@GeneralGrizzy Рік тому

Don’t worry, we’re in a “new age of leadership”. It’s been going on for 12 years but it’s different this time.

@elgringo1893 Рік тому

I'm literally sat in my living room with numb toes because I'm terrified of paying to use the central heating. That sounds really silly but honestly it's genuinely true.

@bl9150 Рік тому

I left the UK after living there for my whole life and moved to Australia in the middle of Covid. Two years later I still find it strange to be in a country where the economy isn't a complete mess. Yes, everywhere has it's problems but the UK is on another level. Anyone 30 or under (like myself) has only ever known recession, budget cuts, pound's value going down, austerity, tuition fee rises etc. And, for what? There are no 'good old days' to think of since this is all we've ever known. It's only after leaving the UK it became clear how overworked, underpaid and badly run the UK is. I hope one day things get better, I love my country.

@mannypacquiao7 Рік тому

Times are hard enough without this self-inflicted pain. Kwasi Klown has exceeded all expectations with his incompetence. Nobody thought that a Truss government would be anything other than a disaster but to be proved right so soon.......

@martinbeirne1371 Рік тому

I grew up in a Conservative stronghold, my parents voted Conservative and I always had. Then I started asking myself what they are actually offering me as a self employed tradesman. The answer is basically zero. Time to give Labour a go they cannot do a worse job than this lot, it isn't possible.

@LogicPak Рік тому

I remember not long ago, we were getting almost 2.08 dollars for a UK 1 pound. I flew out to New York in late 2007 and bought a MacBook laptop, stayed there for 5 days too .. it was cheaper to do that then to buy one in England.

@michaels8638 Рік тому

I’m a trader and by no means qualified economist, yet everyone I know, knows the £ has been struggling against the $ over the last year, 9 days before the mini budget the £ slid 4% so right at the moment the market is looking for stability and fiscal transparency the government deliver a mini budget with no transparency and no plan on how to pay for the increased debt, the budget delivered, and in one day we lost 3.5% of value , the chancellor was reckless and inept. If the chancellor was working for a bank and lost 4% of the banks £ holdings in a day due to his plan they would be dismissed for gross misconduct