UK: Liz Truss Claims that Sunak's Tax Increase Will Cause a Recession - The Independent

In an interview with The Independent, UK Foreign Minister Liz Truss stated that Britain is expected to enter a recession as a result of Rishi Sunak's tax increases.

July 18, 2022 - 10:54 AM 249 views

UK: Liz Truss Claims that Sunak's Tax Increase Will Cause a Recession - The Independent

Market News

© UK: Liz Truss Claims that Sunak's Tax Increase Will Cause a Recession - The Independent

Free Enquiry Now

In an interview with The Independent, UK Foreign Minister Liz Truss stated that Britain is expected to enter a recession as a result of Rishi Sunak's tax increases.

Important Quotes

Growth is being stunted, businesses are being discouraged from investing, and money is being taken out of people's pockets.

"That is not how you stimulate the economy in a downturn," someone said.

"I don't believe the tax cuts I've proposed will lead to inflation."

"I don't believe the tax cuts I've proposed will lead to inflation."

In the first of three televised discussions, Truss and former finance minister Sunak sparred over tax policy as well as economic policy.

The Market Reaction

With the US dollar experiencing widespread weakness, GBP/USD is benefiting from risk-on flows, which saw a dramatic turnaround at the start of the week.

At the time of writing, cable is up 0.41 percent on the day and is currently trading at $1.1900.

Learn to Trade with Best and Trusted Global Broker

Start your journey with us and learn from basic to advance with one to one training session. Get full knowledge about the market from our expert team and become expert in market.

Free Enquiry Now:  Check Out Here

Share With -

 

No comments yet for this post

Please Login to comment this article.

If not a registered user yet, Please signup here