Paphos People

€1:1194 Pound sinks as investors question huge tax cuts

The pound has fallen to a fresh 37-year low against the dollar as financial markets reacted to the biggest tax cutting moves in 50 years.

UK stocks also dropped after Kwasi Kwarteng outlined a series of tax cuts and economic measures in a massive shake-up of the country's finances.

The pound fell more than 2% against the dollar, dropping below $1.10.

Sterling has fallen recently owing to worries about the economy and also partly due to a stronger US dollar.

The pound also fell more than 1% against the euro on Friday, dropping to €1.13.

Meanwhile, the UK's FTSE 100 index of major shares fell more than 2%, dropping to its lowest level for more than two months.

City analysts have been increasing their expectations of earlier and higher interest rates after the government announced a £45bn tax giveaway, leading some to conclude that inflation will remain high for some time.

Full story here:- https://www.bbc.com/news/business-63009173

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Dave
Moira And Dave

“I know that you believe you understand what you think I said, but I'm not sure you realize that what you heard is not what I meant.”

Hardly surprising: the lunatics are well and truly running the asylum.

If anyone thought things couldn't get worse after Brexit and Boris... they just did.

A week or two back I read a forecast that within a month or two GBP would be close to parity with the USD and I brought surplus funds from the UK over to Cyprus. Thank goodness I did.

Spending tens of billions that the country doesn't have reducing taxes for the well-off was always going to be a recipe for disaster. But to borrow tens of billions in the forlorn hope that this will trickle down to the man on the Clapham omnibus is the stuff of la-la land. Damn it, at yesterday's mini-budget they even refused to issue a financial forecast. Wonder why?

The Tories will be out at the next election. Deservedly so. Incompetence, averice and inability to tell the truth doesn't begin to describe it. Charlatans the lot of them.

There is no wonder LLoyd,. Its the same or almost identical MO that many so called adbvanced countries are following to hasten the demise of fiat currency and installing the programmed cbdc.

They will let their scum rich friends skim from the top until the man in the street can bleed no more. In UK same as USA there is no real selection of political opponents, all come from the cheeks of the same ars es.

This will lead to the search for alternatives and therefore extremes of all wings of thought. Once exposed they will either cause havoc or be detained.

These moments were warned of many months ago but were the thing of ''conspiracy''.

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Straight talking, no Gimmicks.

Live your dreams.

£1 = €1:0934 and still falling

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Dave
Moira And Dave

“I know that you believe you understand what you think I said, but I'm not sure you realize that what you heard is not what I meant.”

£1 = €1:0925

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Dave
Moira And Dave

“I know that you believe you understand what you think I said, but I'm not sure you realize that what you heard is not what I meant.”