Australia

UK mini budget fallout continues as pound ‘tanks to all time low’ against US dollar

Sky Information Enterprise Editor Ross Greenwood says markets have “been in turmoil” since the UK’s introduced new tax cuts.

“It was seemingly a whole U-turn, particularly from the Financial institution of England and tis coverage to lift rates of interest and tighten the UK economic system and head off inflation,” he mentioned.

“The pound, nicely, it tanked to all time lows towards the US greenback, markets across the slumped fearing a deep recession.”

Mr Greenwood mentioned there had been “one other shock” because the Financial institution of England introduced it might be shopping for bonds to have the ability to “pump much more cash” into the economic system.

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