coldseat
Well-known member
Offline
Holy hell Batman! Talk about screwing your own country over. Same thing would happen here if Republicans held both the congress and the presidency.
==============
LondonCNN Business —
The UK government’s decision to implement the biggest tax cuts in 50 years while borrowing tens of billions of dollars to subsidize soaring energy costs this winter is a massive gamble that’s sent shockwaves through financial markets.
Since Friday, when finance minister Kwasi Kwarteng formally announced the plans, the British pound has plunged 5% against the US dollar, bringing its total losses so far this year to an eye-popping 21%. The euro, for comparison, is down about 15% against the dollar during the same period.
The turmoil doesn’t end there. Investors have raced to dump UK government bonds as they worry about the extra £72 billion ($77 billion) in borrowing due before April. The yield on 5-year debt, which moves opposite prices, has jumped from about 3.6% to more than 4.4% over the past two trading sessions — an astronomical jump in a corner of the financial universe that typically logs movements in tiny fractions of a percent.
===============
www.cnn.com
==============
LondonCNN Business —
The UK government’s decision to implement the biggest tax cuts in 50 years while borrowing tens of billions of dollars to subsidize soaring energy costs this winter is a massive gamble that’s sent shockwaves through financial markets.
Since Friday, when finance minister Kwasi Kwarteng formally announced the plans, the British pound has plunged 5% against the US dollar, bringing its total losses so far this year to an eye-popping 21%. The euro, for comparison, is down about 15% against the dollar during the same period.
The turmoil doesn’t end there. Investors have raced to dump UK government bonds as they worry about the extra £72 billion ($77 billion) in borrowing due before April. The yield on 5-year debt, which moves opposite prices, has jumped from about 3.6% to more than 4.4% over the past two trading sessions — an astronomical jump in a corner of the financial universe that typically logs movements in tiny fractions of a percent.
===============
The pound's crash will make inflation worse and push interest rates higher | CNN Business
The UK government's decision to implement the biggest tax cuts in 50 years while borrowing tens of billions of dollars to subsidize soaring energy costs this winter is a massive gamble that's sent shockwaves through financial markets.
