Recommended Watch: Pound crashes to all-time low as UK chancellor hints at more tax cuts
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Chancellor Kwasi Kwarteng was today forced to quell growing market unease over his low-tax, high borrowing strategy with a promise to set out more details in November, along with independent costings.
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The Bank of England put out a statement too, saying they wouldn't hesitate to hike interest rates at their next meeting, but neither intervention seemed to reassure city markets.
The pound slid once again this evening, having hit a historic low against the dollar earlier in a rollercoaster day.
And amidst the turmoil - the cost of government borrowing shot up too.
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The Bank of England put out a statement too, saying they wouldn't hesitate to hike interest rates at their next meeting, but neither intervention seemed to reassure city markets.
The pound slid once again this evening, having hit a historic low against the dollar earlier in a rollercoaster day.
And amidst the turmoil - the cost of government borrowing shot up too.
-----------------------
Follow us on Instagram - https://www.instagram.com/Channel4News
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Francisco Gimeno - BC Analyst The new British government has to confront financial problems, global economic issues, a possible recession (according to the BOE) and a new Chancellor turning around the fiscal and financial policies of the last conservative governments since Margaret Thatcher. A Thatcherist himself UK's Chancellor is worried about the Pound crash but is doubling down in his proposals, with a promise that he will explain carefully an din detail what his proposals are. The BOE of course had to intervene talking about increasing interest rates, but the markets are not convinced at all. Anything can happen and other economic data and FUD news don't contribute to a good mood for UK financial markets.