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White House adviser: UK and EU economies will face ‘difficult times’ in coming months


https://sputniknews.com/20220928/white-house-adviser-uk-eu-economies-to-face-tough-period-in-coming-months-1101294071.html

White House adviser: UK and EU economies will face ‘difficult times’ in coming months

White House adviser: UK and EU economies will face ‘difficult times’ in coming months

WASHINGTON (Sputnik) – The director of the White House National Economic Council, Brian Deese, in an interview with the Economic Club of Washington, said that the United Kingdom and the EU… 28.09.2022, Sputnik International

2022-09-28T02:21+0000

2022-09-28T02:21+0000

2022-09-28T02:18+0000

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On Monday, the pound fell to an all-time low of $1.0384 against the US dollar in light of British Prime Minister Liz Truss’ tax cut plans. He said the UK and the EU are more exposed to energy volatility and have no certain Friday, Britain’s Chancellor of the Exchequer, Kwazi Kwarteng, announced a 45 billion pound ($48 billion) tax cut package ) that would benefit the highest earners the most, raising concerns about unsustainable government borrowing. The International Monetary Fund (IMF), in a statement to Sputnik on Tuesday, said the fund was closely monitoring reports regarding economic developments in the UK economy and was currently in contact with UK authorities on the matter.

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WASHINGTON (Sputnik) — White House National Economic Council director Brian Deese, in an interview with the Economic Club of Washington, said the UK and EU will face tough times economically over the next few years. coming months.

On Monday, the pound fell to an all-time low of $1.0384 against the US dollar in light of British Prime Minister Liz Truss’ tax cut plans.

“I think the situation in Europe and the UK is very difficult at the moment,” Deese said on Tuesday. “This is and will be a difficult time for the UK and for the European Union over the coming months.”

He said the UK and EU are more exposed to energy volatility and lack some of the strengths in place that the US has economically, he added.

U.S. Treasury Secretary Janet Yellen attends a meeting with South Korean Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho at the Lotte Hotel in Seoul, South Korea, on Tuesday 19 July 2022 - Sputnik International, 1920, 28.09.2022

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On Friday, Britain’s Chancellor of the Exchequer, Kwazi Kwarteng, announced a £45bn ($48bn) tax cut package that would benefit top earners the most, sparking concerns over unsustainable government borrowing .

The International Monetary Fund (IMF), in a statement to Sputnik on Tuesday, said the fund was closely monitoring reports regarding economic developments in the UK economy and was currently in contact with UK authorities on the matter.



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