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Showing posts with the label Bank of England

British economy going down the slope, pound sees lowest level, bonds sinking

The UK is going through the worst financial crisis in years. The government seems to have lost complete control of the country's economy. British pound has fallen to the lowest level as against US dollar, while its bonds are plummeting.  The UK government announced this Friday - "Mini Budget" - 45 billion pound of unfunded tax cuts. This is being criticised by the financial experts as an irresponsible move that can weaken the overall economy.  Even International Monetary Fund has slammed the government's plans stating, “will likely increase inequality.”   This crisis has definitely caused a shameful and embarrassing situation for the new government, which is just few weeks old, headed by Ms Liz Truss. She was elected as the new Prime Minister defeating a promising leader Mr Rishi Sunak.  There is a big question mark on whether Truss-led government is even serious about the financial well being of the country. Their announcements of policy reforms and income tax ...