BusinessUSA

UK Chencellor Kwarteng: I think it’s a very good day for the UK


To sum up :

  • Sterling drops 350 pips to 1.0915 – worst since 1985
  • UK 10yr gilt drops 31bp to 3.80% and having worst week in ages
  • FTSE 100 down 2%

Kwarteng is going to get eaten alive with tone-deaf comments like these. Cutting taxes for the rich doesn’t tend to win you friends when all the tax savings are crushed by falling investments and a plummeting currency.

This article was written by Adam Button on forexlive.com.

cnbctv18-forexlive

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button