Since UK chancellor Kwasi Kwarteng unveiled his “mini” Budget involving £45bn of debt-financed tax cuts last Friday, sterling has fallen to its lowest level ever against the US dollar, the cost of government borrowing has surged and households are braced for big rises in mortgage payments.
People inside and outside the UK could be forgiven for wondering whether the UK is in the middle of an economic crisis.
The similarity with emerging economy travails — especially the combination of surging gilt yields and a currency plunge — has not been lost on respected commentators.
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