The Long Backstory to Britain’s Sudden Bond Blowup
Britain broke all the wrong records in 2022, with its currency tumbling to an all-time low, the biggest-ever spike in government bond yields and the shortest-serving leader in history. The blowup was triggered in September by Prime Minister Liz Truss’s unorthodox plan to cut taxes and increase borrowing in an effort to boost economic growth. But this was a crisis years in the making, and it didn’t end with her downfall after six weeks in office. Government instability and trade disruption due towashingtonpost.com
2 images of Britain, taken 7 weeks apart, that speak volumes
They are two photos taken exactly seven weeks apart, capturing the traditional and ceremonial rites of the monarch meeting the British prime minister-in-waiting to ask them to form a new government. For Truss, it was new start, capping weeks of bruising battle for the Conservative party leadership with Rishi Sunak (more on him later) and handing her the keys to 10 Downing Street. The queen, using a walking cane after prolonged mobility issues, is seen smiling, Truss, too, from the side angle can be seen smiling as they shake hands.news.yahoo.com
UK Treasury chief in position of power as PM Truss struggles
As British Prime Minister Liz Truss struggles to retain her authority, one man is seen to be in the real position of power to restore order and credibility to the Conservative government and limit the damage caused by Truss’ economic plans.
New UK Treasury chief: Mistakes were made, tax rises coming
Britain’s new Treasury chief has acknowledged mistakes made by his predecessor and suggested that he may reverse much of Conservative Prime Minister Liz Truss’ tax-cutting plans, in order to bring stability to the country after weeks of economic and political turbulence.