The UK economy is in chaos – and it could get worse before it gets better.
Her Conservative government's 45 billion pound plan to slash taxes — particularly for the country’s highest earners — has sent shock waves through financial markets, causing the pound to plummet and leaving Truss' own political future in sudden doubt justPrime Minister Liz Truss's government unveiled a financial plan last week that sparked market concern and public criticism.After days of turmoil, the U.K.
It all stems from her gamble to spur economic growth and combat what many experts say could be a long recession, spearheaded by a grim winter in which some families could struggle to pay for energy and food. The market reaction to Truss' plan sent government borrowing costs soaring, likely to be met with higher inflation and interest rates that will in turn mean more expensive credit cards and mortgages — even threatening a subprime housing crisis if people can’t make repayments. The nose-diving pound will also make everyday products in Britain more expensive as importers face spiraling costs.
It was left up to Treasury chief Kwasi Kwarteng to drop the biggest bombshell in Parliament on Friday: a tax cut for people who earn more than 150,000 pounds a year. This would"make Britain more competitive," as well as"reward enterprise and work" and"incentivize growth," he told lawmakers."It will benefit the whole economy and whole country."
“As a Conservative I find it quite worrisome,” Dominic Grieve, who was a member of Parliament with the party until 2019 and served as attorney general, told NBC News. “It seems to me a very high-risk strategy and not one you would associate with a Conservative government.”in a tweet WednesdayOthers have resorted to anonymous briefings to an array of British newspapers to say Truss' days may be numbered, unheard of so soon into a prime minister's tenure.
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