London’s Financial Turmoil Might Be Heading to Wall Street

[Epoch-Times-Bot]

London's Financial Turmoil Might Be Heading to Wall Street

Commentary
British bonds, so-called “gilts,” the UK equivalent of U.S. Treasuries, have been in turmoil since Chancellor of the Exchequer Kwasi Kwarteng announced a £30–40 billion tax cut last Friday. The supply-side tax cuts are intended to restore Britain to 2.5 percent annual growth.
But the cuts will put British finances further into debt because there is no corresponding cuts in government services, particularly the tremendously expensive National Health Service. The markets saw growing debt, as well as inflation, and responded to the measures by demanding higher interest rates, which was affected by the market lowering the value of the gilts.
Early this morning, Eastern Standard Time, the prices of UK gilts took a battering from the markets. British pension funds that had put up their portfolio of gilts as collateral to borrow capital in order to enhance their returns suffered margin calls as the bonds fell in value, along with the value of the British pound....

Source: London's Financial Turmoil Might Be Heading to Wall Street

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