To sum up :
- Sterling drops 350 pips to 1.0915 – worst since 1985
- UK 10yr gilt drops 31bp to 3.80% and having worst week in ages
- FTSE 100 down 2%
Kwarteng is going to get eaten alive with tone-deaf comments like these. Cutting taxes for the rich doesn’t tend to win you friends when all the tax savings are crushed by falling investments and a plummeting currency.
This article was written by Adam Button on forexlive.com.