UK’s Truss Faces Baptism by Fire From Markets

Customers wait outside a pawnbrokers shop before it opens in Croydon on Monday.
Photographer: Jason Alden/Bloomberg

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By Ben Sills

September 28, 2022 at 10:04 AM UTC

So Liz Truss plunges deeper into her ideological experiment with the UK economy.

The prime minister has knocked more than $500 billion off the value of UK assets since her finance minister announced 161 billion pounds ($172 billion) of unfunded tax cuts last week. And the bond market crash that triggered is set to ramp up mortgage rates for millions of borrowers.