BREAKING: The UK is now on verge of 2008-style meltdown after the Bank of England was forced to intervene to prevent a ‘material risk to UK financial stability’ caused by Kwasi Kwarteng's mini-budget.
The markets were sent into free-fall after the new government unveiled its economic strategy
The value of the currency plummeted after the new government announced its economic proposals on Friday. Liz Truss and Kwasi Kwarteng signed off on un-costed plans to borrow billions of pounds to fund a raft of tax cuts last week, including for society’s richest. The first major economic intervention by Liz Truss and Kwasi Kwarteng has pushed the UK to the brink of a full market meltdown
In a carefully worded statement, the Bank effectively admitted it fears the UK could be on the cusp of a full blown economic meltdown without action and warned it could lead to massive cuts to vital public services.The Treasury has committed to underwriting the final bill for the debt-buying splurge but it’s unclear how much it will end up costing the taxpayer.
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