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What happened to the UK economy, pound and mortgages this week?
It's just over a week since the new Chancellor, Kwasi Kwarteng, presented his tax-cutting mini-budget. His aim was to kickstart economic growth. But it seems to have kickstarted a crisis of confidence, a jump in mortgage rates, and calls for a complete U-turn. So what just happened? Here's a quick run-through of a dramatic week for the UK economy, told by the people who lived it. On Monday London currency trader Jordan Rochester woke up at 06:00, rolled over to check his phone and saw the pound had fallen to its lowest level on record: $1.03. The questions came flooding in: How far can it fall? Will the Bank of ... (full story)
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- Posted: Oct 1, 2022 12:30pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 1,872
