Navigation X
ALERT
Click here to register with a few steps and explore all our cool stuff we have to offer!



 1049

U.K. Prime Minister Rishi Sunak Calms Markets—for Now

by ghraven - 27 October, 2022 - 08:49 AM
This post is by a banned member (ghraven) - Unhide
ghraven  
Registered
385
Posts
164
Threads
5 Years of service
#1
LONDON—New U.K. Prime Minister Rishi Sunak has helped calm financial markets by convincing investors that he won’t jeopardize the country’s financial stability. But he now faces the more daunting task of convincing them, and ordinary Britons, that he can steer the economy through stagflation and a looming winter of discontent.
Mr. Sunak faced Parliament on Wednesday for the first time as prime minister after delaying the announcement of his government’s spending plans to Nov. 17 from Oct. 31 to give him more time to run through the numbers with Treasury chief Jeremy Hunt.
“We will have to take difficult decisions to restore economic stability and confidence,” Mr. Sunak told lawmakers.
 
The U.K. economy is expected to enter a shallow but long recession in the coming months. Inflation in the U.K. is higher than in most other industrialized nations because the country has suffered from a Europe-style energy price shock from the war in Ukraine along with a U.S.-style labor shortage from the pandemic, as well as a departure from the European Union that has driven up labor costs for businesses. The pound has slid nearly 15% against the U.S. dollar this year, stoking inflation by making imports more expensive.
Capital Economics expects U.K. output to fall 1.5% in 2023, in line with France, but a smaller drop than the 2.5% decline it projects for Germany, which is more reliant on energy-intensive factories. U.K. inflation rose to 10.1% in September and is expected to peak at about 11% in the coming months.
[Image: sample.gif]

My Goal 
10 Likes   
25 Likes  
50 Likes   ​​​​​
100 Likes   ​​​​​
250 Likes 

500 Likes  Popcorn  ​​​​ Contributor 
1000 Likes 
2000 Likes 200 Reputations
Godlike  
2500 Likes 
5000 Likes 500 Reputation
Heaven  
This post is by a banned member (okyuhayy) - Unhide
okyuhayy  
Registered
83
Posts
3
Threads
4 Years of service
#2
uk on some weird shit

Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
or
Sign in
Already have an account? Sign in here.


Forum Jump:


Users browsing this thread: 3 Guest(s)