LONDON (AP) — Prime Minister Liz Truss took office last month promising to reenergize the British economy and put the nation on a path to “long\u002Dterm success.”…
That undermined confidence in the government’s ability to pay its bills and raised questions about the economic credentials of a new prime minister who took office after a deeply divisive contest for leadership of the governing Conservative Party.HOW DID LIZ TRUSS BECOME PRIME MINISTER?
While Truss inherited the large majority in Parliament that the Conservatives won in 2019, she didn’t win her own mandate by leading the party in a general election.Treasury chief Kwasi Kwarteng on Sept. 23 announced plans to cut taxes by 45 billion pounds, while reducing red tape and promoting investment to spur economic growth.
In response to these concerns, Kwarteng says he will release an analysis from the independent Office for Budget Responsibility at the end of October — earlier than previously planned — alongside a “medium-term fiscal plan” on how the tax cuts will be paid for.The pound fell to a record low against the U.S. dollar, dropping as low as $1.038 on Sept. 26, as investors bet against the British currency. The pound traded for around $1.
The funds were forced to sell bonds to head off worries over their liquidity, which threatened severe losses to workers’ retirement funds. Bank of England Gov. Andrew Bailey said Tuesday that its intervention to stabilize the bond market would end Friday as scheduled. But investors worry what’s next.
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