NBC News reports that after Treasury Chief Kwasi Kwarteng promised the biggest tax cuts in 50 years on Sept.
23.
The British pound dropped to an all-time low against the American dollar on Sept.
26.
It fell to $1.0373 before reaching
$1.0672 in early London trading.
Since Sept.
23, the British pound has lost over 5% of its value against the U.S. dollar.
The drop comes as the government intends to spend 60 billion pounds, which it will borrow, .
To aid those who are struggling to pay high
energy bills caused by Russia's war with Ukraine.
To aid those who are struggling to pay high
energy bills caused by Russia's war with Ukraine.
Critics have called the move "reckless," but Kwarteng and Prime Minister Liz Truss believe that putting more money
into the pockets of Brits will spur economic growth.
Critics have called the move "reckless," but Kwarteng and Prime Minister Liz Truss believe that putting more money
into the pockets of Brits will spur economic growth.
Kwarteng said the government will reveal plans for reducing the U.K.'s debt in the coming months.
.
On Sept.
22, interest rates were raised by half a percentage point by Britain's central bank.
Jeremy Hunt has admitted the Conservative Party are the "underdogs" in the upcoming general election and that winning it "is going to be very tough". Speaking at the Times CEO Summit in London, the chancellor added that he spent his entire first week as Liz Truss' chancellor "unpicking" the former prime minister's mini-budget. Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Labour leader Sir Keir Starmer refrained from commenting on Rishi Sunak's upbringing but criticised Sunak's performance as Prime Minister, likening him to Liz Truss with "unfunded promises." Starmer emphasised the need for change, highlighting Labour's forthcoming manifesto, which he promises will offer hope and outline steps to rebuild the country from day one if elected. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Darren Jones, the Chief Secretary to the Treasury, says Labour will announce an ambitious housebuilding plan, having identified 'grey belt' areas in need of development.
Report by Etemadil. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Russia on Saturday claimed the capture of another village in eastern Ukraine's Donetsk region where there is heavy fighting as Moscow's forces advance towards the city of Pokrovsk.
Credit: euronews (in English) Duration: 01:00Published
The Russian military has destroyed a Ukrainian warehouse in Donbass, which allegedly stored several multiple launch rocket systems and more than a dozen armored vehicles, the Defense Ministry in Moscow has claimed. Officials also released an video of the alleged strike. In a statement on Friday, the ministry said that Moscow’s forces used an Iskander-M short-range ballistic missile to strike the facility in the key regional hub of Kramatorsk, currently occupied by Ukraine, where artillery of Ukraine’s 56th separate motorized infantry brigade was stored.
#Russia #Russia-Ukraine #battlefieldvideos #Russia-Ukraineconflict #Ukraine #oneindia #oneindianews
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Flood waters were rising in two cities in Russia's Ural mountains on Sunday after Europe's third-longest river burst through a dam, flooding at least 10,000 homes and forcing thousands of people to flee with just their pets and a few belongings.Some of the worst floods in decades have hit a string of Russian regions in the Ural Mountains and Siberia, alongside parts of neighbouring Kazakhstan in recent days.
#russia #russiaukrainewar #zelenskyy #putin #orsk #orenburg #SOUTHERNURALS #Ukriane, #Russia, #Putin, #Putler, #Russian invasion of Ukraine, #Zelenski, #Kiev, #Kyiv, #Kadirov army, #Kadirov, #Kherson, #Bucha, #Kharkiv, #Ukrainian pilots, #vagners, #Russian tanks, #NATO, #drones, #Moscow, #Kreml, #war victims #Ukraina,
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Stocks Tumble , to New 2022 Low, , Enter Bear Market Territory.
On September 23, following a brutal week for
financial markets, stocks tumbled amid surging interest
rates and increased fears of a..
Credit: Wibbitz Top Stories Duration: 01:31Published