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☆ These 3 charts show the chaos that ran through markets during the 45 days that Liz Truss was UK prime minister
▼ + stars: | 2022-10-20 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Liz Truss resigned as UK prime minister on Thursday after just 45 days in the role. Truss quit as UK prime minister after just 45 days in the role Thursday, becoming the shortest-serving leader in the country's history. "First her policies went up in flames, then her brief career as prime minister," IG's chief market analyst Chris Beauchamp said. "The great political gamble of Liz Truss has spectacularly backfired but not before wreaking significant damage to the UK economy." Read more: UK Prime Minister Liz Truss resigned after the market rebelled against her aggressive economic growth plan.

☆ Dollar dips as UK budget U-turn improves market sentiment
▼ + stars: | 2022-10-17 | by ( Karen Brettell | ) www.reuters.com time to read: +2 min

British Pound Sterling and U.S. Dollar notes are seen in this June 22, 2017 illustration photo. Register now for FREE unlimited access to Reuters.com RegisterBritish gilts rallied sharply after the news, helping to also send U.S. Treasury yields lower. Hunt replaced Kwasi Kwarteng, whose package of unfunded tax cuts on Sept. 23 unleashed a bond market sell-off. "For now, the market seems happy to give the new chancellor time and space to put the government's house back in order," said Chris Beauchamp, chief market analyst at IG. Traders are also on watch for any intervention from the Bank of Japan after the yen fell to a 32-year low.

☆ UK finance minister Kwasi Kwarteng has been fired as the government waters down tax cuts
▼ + stars: | 2022-10-14 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

UK finance minister Kwasi Kwarteng was fired from his role on Friday. His tax cut proposals have rattled markets for weeks, with yields on gilts soaring. Prime Minister Liz Truss is expected to announce a policy U-turn at 9AM Eastern Time. Chief finance minister Kwarteng's pledges to carry on cutting income and corporation tax have rattled markets in recent weeks, with yields on gilts – UK government bonds – soaring. Read more: Pound crashes to record low against the dollar as UK tax cut plans rattle investors

☆ Reactions: UK's Truss fires Kwarteng, set to U-turn on tax cuts
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +5 min

LONDON, Oct 14 (Reuters) - British Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng and news reports said she will scrap later on Friday parts of the economic programme of big, unfunded tax cuts that they delivered last month. Consequently, the scope for a rally in gilts (move lower in yields) and sterling would seem to be limited." BENJAMIN NABARRO, ECONOMIST, CITI"The key issue in the near term is the contradiction between monetary and fiscal policy. RACHEL REEVES, OPPOSITION LABOUR PARTY'S FINANCE CHIEF"This humiliating u-turn is necessary - but the real damage has already been done. We may well be through the worst of the volatility but I fear that the UK is nowhere near out of the woods."

☆ Reactions: Britain's finance minister unveils "mini budget"
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +5 min

Britain's blue-chip stocks (.FTSE)remained mired in the red, in line with a broader equity-market decline. FOREX: Sterling extended losses, falling 1.9% on the day to around $1.1047, having hit a new 37-year low earlier on. British homebuilders and household goods makers hit session highs, buoyed by the prospect of consumers getting tax breaks. The tax-cutting budget and ‘go for broke’ growth aims are unlikely to change the longer-term bearish GBP trend." If you get more fiscal stimulus and less monetary stimulus, that’s something that’s buoyant for the currency.

☆ Bank of England hikes interest rates 50 basis points as it battles to tame soaring inflation and prop up the plummeting pound
▼ + stars: | 2022-09-22 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The Bank of England hiked interest rates by 50 basis points Thursday. It's trying to curb soaring prices, with UK inflation running close to a four-decade high at 9.8%. The bank's monetary policy committee voted 5 to 4 in favor of raising rates by 50 basis points. The bank's decision comes after the Federal Reserve hiked interest rates by 75 basis points for a third time in a row Wednesday, as it also battles to tame soaring inflation in the US. The Federal Open Market Committee raised interest rates by three-quarters of a percentage point on Wednesday, marking the third consecutive hike of that size.

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