UK economy worries grow: Pound plummets to 37-year low against dollar
United Kingdom’s pound falls to its weakest against the US dollar, further increasing problems for the country. The UK is to experience a worse downturn in its economy since the fall of the pound.
The market is upset due to major tax cuts and increased borrowing in the UK, pound and British bonds plummeted
[LONDON 23rd Reuters] - British Finance Minister Kwateng announced large-scale tax cuts and significant borrowing increases on the 23rd. In response to this, agitation spread in financial markets, and the price of the pound and British bonds plummeted. In the tax reduction measures, in addition to lowering the maximum income tax rate, the corporate tax rate was raised and frozen, and stamp duty reduction at the time of real estate purchase was i…