ANALYSIS – Markets are more concerned about Liz Truss’s fiscal policy than Giorgia Meloni’s rise to power.
While financial markets were riveted on the far-right’s historic victory in Italy, it was in the UK that panic broke out on Monday. More than the mystery of the “post-fascist” Giorgia Meloniit is liz trussthe new British prime minister, leader of a Conservative Party in power for twelve years, and her finance minister, Kwasi Kwarteng, who worry investors.
Showing this distrust, Italian 10-year bond rates rose 0.21 points to 4.54%, quickly overtaken by British bond rates at 4.24%, up 0.41 points on the day. Isn’t the sick man in Europe what we think?
“Currency crisis”
Reason for these tensions: the “mini” budget presented on Friday by Kwasi Kwarteng, which foresees 45,000 million pounds of tax cuts in addition to 150,000 million in energy support measures for homes and businesses, financed with 70,000 million pounds of additional debt next year …
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