on that in a moment. and the chancellor kwasi kwarteng has announced he will set out his medium term plan with detail on how the government will eventually lower debt but that s not for another eight weeks. let s take a look at how markets are doing now. as you can see, a pound isjust buying $1 and nearly 8 cents. not quite there yet. still at multi year lows, and the pound versus the euro as well. in share markets, it is a mixed picture. if we look at the next board to show you what happened on wall street, we have a fall on wall street, we have a fall on the main markets with the smb 500, at closing, its lowest level since december 2020. a lot of that is to do with the rising cost of borrowing rates
all he has to tax cuts. two things, first of all he has to say tax cuts. two things, first of all he has to say that, - tax cuts. two things, first of all he has to say that, he i all he has to say that, he would not be advised to go on tv and start worrying openly. it has to be said, the plan that has been unveiled and is expected further, i don t think anybody is saying that it will not work but in the short term, it is going to mean a lot more borrowing by the uk government. that is unambiguous and in order to sell the debt that is finding that, about 160 £200 billion more of gilt issues sterling has to move lower to attract foreign buyers and unfortunately moves on this scale are very uncomfortable and have real world impacts on consumers across the uk, businesses across the uk, that is the bit the chancellor will have to defend in the coming weeks and months. thanks, simon. well let s now go to our asia business hub to talk about the share markets in asia that have also had
The government's tax measures contradict its plan to turn the stock market into a destination for long-term investments, something apparent in the pace with which individuals and institutions trade shares simply to make a quick buck.
The NSE Nifty 50 index, rose 0.6 per cent to 17,261.05, as of 0500 GMT, and the S&P BSE Sensex climbed 0.55 per cent to 57,887.50, , share markets, sensex, nifty, NSE-BSE