Britain | Not a pretty penny

The pound is plumbing near-historical depths. Why?

Britain’s fiscal largesse has spooked investors. It may lead to a wider re-evaluation of sterling’s worth

Kwasi Kwarteng UK Chancellor of the Exchequer The Chancellor visits Berkeley Modular Housing Factory, Ebbsfleet.Kwasi Kwarteng is a British politician serving as Chancellor of the Exchequer since 2022. He previously served as Secretary of State for Business, Energy and Industrial Strategy from 2021 to 2022. A member of the Conservative Party, he has been Member of Parliament for Spelthorne in northern Surrey since 2010.© Zara Farrar / HM Treasury / eyevineContact eyevine for more information about using this image:T: +44 (0) 20 8709 8709E: info@eyevine.comhttp://www.eyevine.com

Editor’s note (27th September 2022): this piece has been updated to include market reaction in Europe on September 26th

KWASI KWARTENG, Britain’s new chancellor of the exchequer (pictured), insists he is not one to be moved by the gyrations of currency exchanges. “The markets will react as they will,” he told the House of Commons on September 23rd after unveiling Britain’s largest raft of tax cuts in half a century, largely paid for by borrowing.

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