Guno צְבִי
We fight, We win, Am Yisrael Chai
A female bozo with a better haircut
Once that official mourning period was over last Monday, her government unleashed a wave of radical policies, climaxing on Friday with the announcement of £45 billion ($48 billion) in tax cuts. The measures included scrapping the top rate paid by the highest earners, in adjustments that will benefit the rich far more than millions of people on lower incomes.
The logic, according to Truss’s government, is that cutting personal and corporate tax will trigger an investment boom and kick-start the British economy.
But Truss’s plans have seemingly backfired almost immediately. The pound fell to its lowest level in nearly four decades on Monday, at one point reaching near parity with the dollar. It seems very likely that the Bank of England will hike interest rates, which will make repayments harder for those fortunate enough to have mortgages, while those seeking to get mortgages are already seeing products removed by banks.
On Wednesday, the Bank of England announced it would buy UK government bonds in an attempt to “restore orderly market conditions” and to prevent “dysfunction” following the cuts, and subsequent plunge in the pound.
The International Monetary Fund (IMF) issued a rare rebuke for a developed country on Tuesday night, criticizing the UK’s tax-cutting plans, saying they will “likely increase inequality.”
https://www.cnn.com/2022/09/28/europe/uk-truss-crisis-labour-starmer-gbr-intl-cmd/index.html
Once that official mourning period was over last Monday, her government unleashed a wave of radical policies, climaxing on Friday with the announcement of £45 billion ($48 billion) in tax cuts. The measures included scrapping the top rate paid by the highest earners, in adjustments that will benefit the rich far more than millions of people on lower incomes.
The logic, according to Truss’s government, is that cutting personal and corporate tax will trigger an investment boom and kick-start the British economy.
But Truss’s plans have seemingly backfired almost immediately. The pound fell to its lowest level in nearly four decades on Monday, at one point reaching near parity with the dollar. It seems very likely that the Bank of England will hike interest rates, which will make repayments harder for those fortunate enough to have mortgages, while those seeking to get mortgages are already seeing products removed by banks.
On Wednesday, the Bank of England announced it would buy UK government bonds in an attempt to “restore orderly market conditions” and to prevent “dysfunction” following the cuts, and subsequent plunge in the pound.
The International Monetary Fund (IMF) issued a rare rebuke for a developed country on Tuesday night, criticizing the UK’s tax-cutting plans, saying they will “likely increase inequality.”
https://www.cnn.com/2022/09/28/europe/uk-truss-crisis-labour-starmer-gbr-intl-cmd/index.html
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