Kwasi Kwarteng’s first policy announcement as UK finance minister appears to be a bigger disaster for the British economy than Brexit. What triggered the UK’s economic crisis and why the government is being blamed for it? Take a look… (Image: News18 Creative)
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Kwasi became the first black Conservative cabinet minister in 2021. His parents came to the UK from Ghana as students in the 1960s. (Image: News18 Creative)
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On September 23, the newly-appointed Chancellor of the Exchequer delivered a mini-Budget that sent shockwaves through the UK’s economy. (Image: News18 Creative)
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Economist suggested the slump in the pound could force the Bank of England into an emergency interest rate rise to support the currency. (Image: News18 Creative)
On September 26, the pound briefly fell to its weakest level against the US dollar on record. (Image: News18 Creative)
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The pound hit an all-time low against the dollar after tax cuts in Kwasi Kwarteng’s mini-budget. (Image: News18 Creative)
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Top five net reduction of permanent taxes since 1972. (Image: News18 Creative)
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The announced measures are likely to require new government borrowing. It has deepened anxiety about Britain’s public finances. (Image: News18 Creative)
On April 19, IMF warned that UK is set for the slowest growth among all G7 countries in 2023. (Image: News18 Creative)
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On September 23, Kwasi Kwarteng, Truss’s chancellor of the Exchequer, presented his mini-budget. The pound began to fall against the dollar. (Image: News18 Creative)
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The announced tax cuts have drawn comparisons to the tax policies of US President Ronald Reagan. (Image: News18 Creative)
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“Starving the beast” is a political strategy employed by American conservatives to reduce government spending by cutting taxes. (Image: News18 Creative)
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The International Monetary Fund (IMF) slammed the UK chancellor’s mini-budget which introduced tax cuts through heavy borrowing. (Image: News18 Creative)
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Britain, once a glorious imperial power where, as they used to say, the sun never sets, is now a country, post Brexit, that’s fast losing its cachet, economically as well as geopolitically. (Image: News18 Creative)
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Recently, India – a former British colony – surpassed the UK to become world’s 5th biggest economy. (Image: News18 Creative)
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On September 29, British Prime Minister Liz Truss said that her government will not reverse the economic plan despite the turmoil in the financial market. (Image: News18 Creative)
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According to The Guardian, Truss is set to hold emergency talks with the head of Britain’s independent fiscal watchdog after failing to dampen panic in the financial markets. (Image: News18 Creative)
