UK Prime Minister Liz Truss speaks at the Conservative Party Conference, Birmingham, England, October 5, 2022
I joined Voice of Islam Radio on Tuesday to analyze the economic consequences of the 28 days of the UK’s Truss Government, notably the calamity of its quasi-budget presented on September 23.
Listen from 43:24:
I explain the effects of the budget, with its focus on reducing taxes such as the 45% rate for the wealthiest Britons, and the immediate, negative response of UK and international responses.
The effects include soaring interest rates, rising costs of mortgages — if they are available — the risk to pension funds, and the sharp increase in inequality. While the Government has been forced to reverse the cut in the top rate, some of the damage remains.
