Pound falls below $1.10 for first time since 1985 following mini-budget

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…

UK’s biggest tax cuts since 1972 trigger crash in pound, bonds

Liz Truss’s new UK government delivered the most sweeping tax cuts since 1972, slashing levies on rich households and companies in a bid to boost economic growth in a move that triggered a massive market selloff of the currency and bonds.

Pound plummets as Kwasi Kwarteng sets out biggest raft of tax cuts for 50 years

The Chancellor abolished the top rate of income tax for the highest earners.

Sterling tumbles to lowest point since 1985 on radical UK budget

UK bond yields surge the most since 1992

Recession-bound UK fights inflation with tax cuts

The UK's new government on Friday unveiled a multi-billion-pound package to support households and businesses hit by the highest inflation in decades, cutting taxes as the nation heads for recession.The post Recession-bound UK fights inflation with tax cuts appeared first on The Guardian Nigeria News - Nigeria and World News.

Pound hits 37-year low below $1.12 as recession fears grow

Traders grow increasingly worried as pound fell to a fresh 37-year low against the dollar on Friday.