The world’s sixth largest economy suffers from vulnerabilities unknown to eurozone states.
humiliation by liz truss, the pound jumped 1% against the dollar after the announcement of his resignation. The British currency had unscrewed to its lowest level ever after the announcement of its “mini-budget”, which had thrown the country’s economy into violent financial turmoil. With a reputation for solidity, the country’s debt faced a sharp rise in interest rates, as is often the case in emerging countries.
The ten-year bond rate was almost 4.6% flirting with Italy’s, while the thirty-year loan rate was almost 5% higher than Greece’s. “An extremely violent epidermal reaction from the markets to a strategy that bordered on the absurd, revealing the lack of backbone of this British government”, analysis Franck Dixmier of Allianz Global Investors. The Moody’s agency was alarmed by a “unsustainable debt trajectory”; Standard & Poor’s put it into perspective.”negative”.
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