UK Markets Have Lost $500 Billion Since Truss Took Over (1)

The UK’s stock and bond markets have lost at least $500 billion in combined value since Liz Truss took over as Prime Minister, with investor confidence shattered by a shock tax-cutting budget.

Taking the helm at a time when the UK economy was already grappling with the specter of recession, the Truss government’s new fiscal policies fueled concerns that inflation and borrowing would surge at a time of rapidly rising interest rates. That triggered a cross-asset selloff so severe that it sent the pound to a record low and sparked chatter about emergency action by the Bank of England.

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