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Banks and pension funds operating on the edge of the abyss To balance it, the British central bank is rushing to take emergency measures and predicting that inflation will rise further: three weeks after taking office, Liz Truss has already plunged the UK into an unprecedented economic crisis.
Conservative MPs are urging the new prime minister to fire Finance Minister Kwasi Koarting as soon as possible to unload. Kwarteng announced tax cuts for the super-rich last Friday. Evil plans led to a dramatic drop of the pound sterling against the dollar.
Even the chief economist at UBS Global Wealth Management likened the UK government to a sect that believed the end of time was near. To prevent a bloodbath in financial markets, Britain’s central bank began buying government bonds on Wednesday: a measure that will ultimately cost taxpayers billions.
Labor leader Keir Starmer has called on Truss to drop a plan to cut taxes on the wealthy. called economic policy dangerous. “They gamble with our money.”
Many Conservative MPs also acknowledge that the Trosse government is responsible for the anarchy. They believe that only by withdrawing plans can peace be restored. “This outrageous insanity cannot continue,” Simon Hoare, a Conservative MP, wrote on Twitter.
Another anonymous conservative deputy went to the Guardian: “This is like the 2008 financial crisis, but worse. We are putting people’s homes at risk. People will not forget this and they will not forgive us.”
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