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
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘It’s extraordinary’: Liz Truss’s low-tax gamble has yet to convince Tory MPsColleagues ask if the new PM and chancellor Kwasi Kwarteng’s experiment is ‘a stroke of genius – or will blow up the economy’
Read more »
UK chancellor says ‘more to come’ after historic tax cutsKwasi Kwarteng has vowed to double down on his controversial tax-cutting drive despite the sell-off after Friday’s mini-budget.
Read more »
ASX heads for sell-off as UK tax cut spooks marketsFutures put the S&P/ASX 200 1.25 per cent lower at Monday’s open, after rising recession odds sank Wall Street and the UK’s gamble with tax cuts shredded the British pound.
Read more »
ASX stays in the red as pound crashes on recession fearsThe Australian sharemarket was trading lower at lunchtime on Monday as markets across North America, Europe and Asia fear the world’s largest economy could tip into recession.
Read more »
Pound hits fresh 37-year low after mini-budget rocks marketsOdds of sterling hitting parity with dollar jump, as analysts say UK bond market ‘getting smoked’ by giveaway
Read more »
Traders bet on UK interest rate hikes after pound plunges to record low against dollar – business liveMoney markets suggest UK interest rates could hit 6% next summer, as government bonds slde and sterling hits a record low
Read more »