Gold prices were split by currency chaos again on Monday, hitting record highs in British Pounds as Sterling sank following the UK s shock tax-cutting budget, holding flat in Euros as a far-right coalition won power in Italy, but sinking to $1627 as the US Dollar leapt again
Futures put the S&P/ASX 200 1.25 per cent lower at Monday’s open, after rising recession odds sank Wall Street and the UK’s gamble with tax cuts shredded the British pound.
Britain's new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday in an economic agenda that floored financial markets, sending sterling and British government bonds into freefall.
LONDON (Reuters) -Britain's new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday in an economic agenda that floored financial markets, with sterling and British government bonds in freefall. Kwarteng scrapped the country's top rate of income tax, cancelled a planned rise in corporate taxes and for the first time put a price tag on the spending plans of Prime Minister Liz Truss, who wants to double Britain's rate of economic growth.