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From Brexit to the “mini-budget”: the miscalculations of the Tories

2022-10-02T16:31:20.638Z

DECRYPTION - The decisions of Liz Truss and Kwasi Kwarteng have weakened the British economy. In three weeks in Downing Street, Liz Truss led the United Kingdom to the precipice of a financial crisis, caused the mistrust of investors, raised the concern of the IMF and the American Treasury. It caused the pound sterling to plunge and interest rates to jump almost to the level of those in Italy. Households can no longer borrow, loan rates are soaring. Economists compare the country to an em



In three weeks in Downing Street, Liz Truss led the United Kingdom to the precipice of a financial crisis, caused the mistrust of investors, raised the concern of the IMF and the American Treasury.

It caused the pound sterling to plunge and interest rates to jump almost to the level of those in Italy.

Households can no longer borrow, loan rates are soaring.

Economists compare the country to an emerging market.

The Moody's agency is alarmed by an “

unsustainable debt trajectory

”;

Standard & Poor's places it under a “

negative

” outlook.

"

It's the right plan

," insisted the Prime Minister on Thursday, justifying the massive unfunded tax cuts by her Chancellor of the Exchequer, Kwasi Kwarteng, which set fire to the powder.

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Liz Truss and Kwasi Kwarteng may seem overwhelmed, but they think they know what they're doing.

Their recipes for the UK, they laid them down in black and white ten years ago, in a book called

Britannia Unchained

(the…

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Source: lefigaro

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