Zak Mir takes a charting look at the Pound against the Dollar and the Euro in the wake of the latest plunge in tax cuts news.
Kwasi Kwarteng announced the largest tax cuts at any fiscal event since Ted Heath’s government in 1972.
The Chancellor eliminated the top income tax rate, reduced the basic rate, and helped boost the property market by reducing stamp duties, especially for first-time buyers.
With the tax cuts package totalling £45bn, he also cancelled increases in corporation tax and national insurance.
The package will be paid for by borrowing, rather than spending cuts. This is a way to fuel economists and market fears about the state of the public finances.
Sterling keeps falling and has now seen its largest one-day drop since March 2020.
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