How Kwasi Kwarteng’s ‘mini-budget’ has had a big impact

How kwasi kwarteng’s 'mini-budget’ has had a big impact

The Independent published this video item, entitled “How Kwasi Kwarteng’s ‘mini-budget’ has had a big impact” – below is their description.

Chancellor Kwasi Kwarteng’s ‘mini-budget’ was introduced to show a change in direction of government policy, using tax cuts for higher earners to reignite growth in the stuttering UK economy.

The package proposed though came with no analysis from the independent Office for Budget Responsibility and with investors fearing the plan was on a collision course with the Bank of England’s plans to curb inflation, markets took fright and the pound plunged against the dollar and euro.

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About This Source - The Independent

The Independent is a British online newspaper. It was established in 1986 as a national morning printed paper. Nicknamed the Indy, it began as a broadsheet and changed to tabloid format in 2003. The last printed edition was published on Saturday 26 March 2016, leaving only the online edition.

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In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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