The Conservative Government of Prime Minister, Liz Truss, is borrowing a page from the retro 1980’s failed trickled down economic model, it was a failure then, and it will be a disaster now.
U.K.’s Sweeping Tax Cuts Send Pound Tumbling, Bond Yields Higher
The government will cut payroll taxes, freeze corporate taxes, ditch a banker-bonus cap and spend billions to subsidize energy bills
The British government Friday unveiled the country’s biggest tax cuts since the early 1970s, a bold move aimed at kick-starting growth at a time of global economic turmoil but one which spooked investors and sparked the biggest one-day selloff of the pound since the pandemic roiled markets in March 2020.
The package of tax cuts, paired with subsidies for households and businesses to cope with a surge in energy prices, was aimed at boosting the flagging U.K. economy amid stubbornly high global inflation and growing economic gloom in Europe.
The Tax Package is causing a market backlash.
Editor, Daily Stock Deals
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