British pound slides on political uncertainty, reversing Liz Truss resignation bounce
“Overseas investors are likely to see this political volatility as another reason to get out of U.K. assets,” one strategist told CNBC.
“Overseas investors are likely to see this political volatility as another reason to get out of U.K. assets,” one strategist told CNBC.
U.K. Prime Minister Liz Truss resigned following a failed tax-cutting budget that rocked financial markets and which led to a revolt within her own Conservative Party.
Truss described her U-turn on tax cuts as “in the national interest to make sure that we have economic stability.”
Just six weeks into U.K. Prime Minister Liz Truss’ tenure and the political future of yet another Conservative leader looks to be in jeopardy.
U.K. Prime Minister Liz Truss is facing calls to resign from within her own Conservative Party just six weeks after entering Downing Street.
Chinese President Xi Jinping said China reserves the option of “taking all measures necessary” against “interference by outside forces” on the issue of Taiwan.
The Federal Reserve’s campaign to tame high inflation here in the U.S. has been felt around the world.
British Finance Minister Kwasi Kwarteng was fired on Friday, amid mounting political pressure and market chaos after less than six weeks in the role.
Sterling jumped against the U.S. dollar on Thursday following reports that the U.K. government is in talks to scrap parts of its unfunded package of tax cuts.
Sterling recovered slightly after a Financial Times report said the Bank of England has privately signaled a willingness to extend its emergency bond buying.