Dawn Chorus: The bond vigilantes are back to take down Truss' gilt-edged tax cuts for the rich
Debt-funded tax cut plan for Britain's rich beggars belief of global investors; Pound hits record low, forcing Bank of England to consider more rate hikes; Some UK banks halt mortgage lending
TLDR: So it turns out Liz Truss’ plan to borrow £45b to pay for tax cuts for Britain’s rich is not credible in the eyes of global investors. Now the new British PM faces an immediate financial crisis, which is rippling around the globe and weakening currencies such as the yuan and our own Kiwi dollar.
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