Pound crashes to all-time low as UK chancellor hints at more tax cuts

Channel 4 News published this video item, entitled “Pound crashes to all-time low as UK chancellor hints at more tax cuts” – below is their description.

Chancellor Kwasi Kwarteng was today forced to quell growing market unease over his low-tax, high borrowing strategy with a promise to set out more details in November, along with independent costings.

The Bank of England put out a statement too, saying they wouldn’t hesitate to hike interest rates at their next meeting, but neither intervention seemed to reassure city markets.

The pound slid once again this evening, having hit a historic low against the dollar earlier in a rollercoaster day.

And amidst the turmoil – the cost of government borrowing shot up too.

Channel 4 News YouTube Channel

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About This Source - Channel 4 News

Channel 4 News is the news programme from UK Channel 4 television. Channel 4 is a British public-service free-to-air television network headquartered in Leeds, United Kingdom. The channel was established in 1982 to provide a fourth television service to the United Kingdom in addition to the licence-funded BBC One and BBC Two, and the single commercial broadcasting network ITV.

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