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Explainer: All you need to know about UK’s economic crisis

Kwasi Kwarteng’s first policy announcement as UK finance minister appears to be a bigger disaster for the British economy that Brexit.

September 30, 2022 / 01:20 PM IST
Kwasi Kwarteng’s first policy announcement as UK finance minister appears to be a bigger disaster for the British economy that Brexit. What triggered the UK’s economic crisis and why the government is being blamed for it? Take a look… (Image: News18 Creative)
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)
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)
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)
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)
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)
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)
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)
On September 26, the pound briefly fell to its weakest level against the US dollar on record. (Image: News18 Creative)
The pound hit an all-time low against the dollar after tax cuts in Kwasi Kwarteng’s mini-budget. (Image: News18 Creative)
The pound hit an all-time low against the dollar after tax cuts in Kwasi Kwarteng’s mini-budget. (Image: News18 Creative)
Top five net reduction of permanent taxes since 1972. (Image: News18 Creative)
Top five net reduction of permanent taxes since 1972. (Image: News18 Creative)
The announced measures are likely to require new government borrowing. It has deepened anxiety about Britain’s public finances. (Image: News18 Creative)
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)
On April 19, IMF warned that UK is set for the slowest growth among all G7 countries in 2023. (Image: News18 Creative)
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)
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)
The announced tax cuts have drawn comparisons to the tax policies of US President Ronald Reagan. (Image: News18 Creative)
The announced tax cuts have drawn comparisons to the tax policies of US President Ronald Reagan. (Image: News18 Creative)
“Starving the beast” is a political strategy employed by American conservatives to reduce government spending by cutting taxes. (Image: News18 Creative)
“Starving the beast” is a political strategy employed by American conservatives to reduce government spending by cutting taxes. (Image: News18 Creative)
The International Monetary Fund (IMF) slammed the UK chancellor’s mini-budget which introduced tax cuts through heavy borrowing. (Image: News18 Creative)
The International Monetary Fund (IMF) slammed the UK chancellor’s mini-budget which introduced tax cuts through heavy borrowing. (Image: News18 Creative)
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)
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)
Recently, India – a former British colony – surpassed the UK to become world’s 5th biggest economy. (Image: News18 Creative)
Recently, India – a former British colony – surpassed the UK to become world’s 5th biggest economy. (Image: News18 Creative)
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)
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)
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)
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)
Moneycontrol News
first published: Sep 30, 2022 01:20 pm