UK wants to prevent a repeat of the Liz Truss 'mini-budget' crisis — which triggered huge bond sell-off
Publishing timestamp: 2024-07-18 08:02:44
Summary
The new U.K. Labour government is proposing legislation to prevent significant uncosted measures from being announced without analysis of their impact on public finances. This comes after a previous "mini-budget crisis" under former Prime Minister Liz Truss and ex-Finance Minister Kwasi Kwarteng, where tax cuts led to economic turmoil. The new bill aims to reinforce market credibility and prevent large-scale unfunded commitments.
Sentiment: MIXED
Tickers: GBP=,
Keywords: business news, markets, breaking news: markets, gbp/usd,
Source: https://www.cnbc.com/2024/07/18/uk-plans-law-to-prevent-repeat-of-liz-truss-mini-budget-crisis-.html