The UK government\u2019s new fiscal plan increased economic uncertainty and raised the concerns of a global recession, a top official at the US central bank warned after the pound sterling touched an all-time low.
Raphael Bostic from US central bank\u2019s Atlanta branch has warned of \u2018uncertainty\u2019 after the British pound touched record low.
The Bank of England and UK ministry of finance are struggling to calm market\u2019s sense of crisis urmoil after the pound hit a record low against the dollar as investors and traders digested UK\u2019s minister of finance Kwasi Kwarteng\u2019s \u00a345 billion tax-cutting package.
Asked whether the plan and resulting volatility would increase the chances that the world economy tips into recession, Bostic said: \u201cIt doesn\u2019t help.\u201d \u201cA basic tenet of economics is more uncertainty leads to less engagement by consumers and businesses,\u201d he said. \u201cThe key question will be, what does this mean for ultimately weakening the European economy, which is an important consideration for how the US economy is going to perform.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The UK government\u2019s new fiscal plan increased economic uncertainty and raised the concerns of a global recession, a top official at the US central bank warned after the pound sterling touched an all-time low.Raphael Bostic from US central bank\u2019s Atlanta branch has warned of \u2018uncertainty\u2019 after the British pound touched record low.The Bank of England …<\/p>\n","protected":false},"author":13,"featured_media":72916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[6943,9991,7619],"class_list":["post-72909","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-bostic","tag-tax-cuts","tag-uk-economy"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=72909"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72909\/revisions"}],"predecessor-version":[{"id":72917,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72909\/revisions\/72917"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/72916"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=72909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=72909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=72909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}