Kwasi Kwarteng

UK Prime Minister Liz Truss sacked the Treasury Chief Kwasi Kwarteng Friday in an effort to calm the markets in the wake of the U.K.’s contentious mini-budget. “It is clear that parts of our mini-budget went further and faster than markets were expecting,” Truss said in...

The United Kingdom Prime Minister Liz Truss has dropped a plan to reduce taxes for the highest earners, giving some much-needed respite for the battered pound. The move comes just 10 days after the plan was announced, in the wake of a rebellion from members of Parliament in her own Conservative...

The rout in the financial market resulting from the U.K. government’s spending plan “suggests incompetence,” billionaire investor and founder of Bridgewater Associates, Ray Dalio, said in a series of tweets. “The panic selling you are now seeing that is leading to the...

U.S. Treasury Secretary Janet Yellen said the United States was monitoring developments in Britain after the government announced a fiscal program that dragged the pound to a record low against the dollar. What Happened: The financial turmoil seen in recent days appeared to be confined to...

Former Treasury Secretary Lawrence H. Summers has expressed his delight at the International Monetary Fund urging the United Kingdom to re-evaluate its unprecedented tax cuts. What Happened: Summers on Tuesday shared a Financial Times article that reported on the IMF...

After the British pound tumbled to its record low on Monday following the U.K. government’s huge tax cut announcements, speculators in the options market are taking positions that indicate the currency will fall to $1 or below, reported Bloomberg. Three-month risk-reversal contracts...

The sterling pound fell to a record low against the dollar on Monday, dropping to as low as $1.0327 during morning trade before recouping the $1.05 level. What Happened: Investors and traders were spooked as Britain’s new Chancellor of the Exchequer Kwasi Kwarteng announced the...

The iShares MSCI United Kingdom ETF (NYSE: EWU) plummeted 5.3% on Friday after investors were not impressed by an aggressive series of tax cuts unveiled by the new U.K. government. What Happened? On Friday, new U.K. Prime Minister Liz Truss announced a bold new stimulus program that includes tax...