{"id":1659278,"date":"2022-09-27T02:50:07","date_gmt":"2022-09-27T06:50:07","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1659278"},"modified":"2022-09-27T02:51:03","modified_gmt":"2022-09-27T06:51:03","slug":"reversing-uk-confidence-crash-requires-policy-u-turn-economists","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/reversing-uk-confidence-crash-requires-policy-u-turn-economists\/","title":{"rendered":"Reversing UK confidence crash requires policy U-turn: economists"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Freversing-uk-confidence-crash-requires-policy-u-turn-economists%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1659278&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Andy Bruce<\/p>\n<p>LONDON (Reuters) \u2013     Rock-bottom investor confidence in Britain will only recover with a U-turn of the economic plan announced last week by finance minister Kwasi Kwarteng, U.S. economist Larry Summers and J.P. Morgan said. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>The pound touched an all-time low of $1.0327 on Monday, British government bonds sold off at a ferocious pace and some mortgage providers, unable to price loans, suspended sales to new customers.<\/p>\n<p>\u201cThe first step in regaining credibility is not saying incredible things,\u201d Summers said on Twitter on Tuesday.<\/p>\n<p>Summers pointed to surging interest rates of long-dated British debt as a \u201challmark of situations where credibility has been lost\u201d.<\/p>\n<p>\u201cThis happens most frequently in developing countries but happened with early Mitterrand before a U-turn, in the late Carter Administration before Volcker and with Lafontaine in Germany.\u201d<\/p>\n<p>On Monday the Bank of England and Treasury released statements in the hope of reassuring investors, with the central bank saying it would not hesitate to raise interest rates if needed.<\/p>\n<p>Kwarteng also said he would set out medium-term debt-cutting plans on Nov. 23, alongside forecasts from the independent Office for Budget Responsibility showing the full scale of government borrowing.<\/p>\n<p>Economist Allan Monks from America\u2019s largest bank J.P. Morgan, said this intervention was \u201cmeasured\u201d.<\/p>\n<p>\u201cBut there is still no clear sign that the source of the problem \u2013 the government\u2019s fiscal strategy \u2013 is being reversed or reconsidered,\u201d Monks said.<\/p>\n<p>\u201cThis will need to happen before November in order to avoid a much worse outcome for the economy. <\/p>\n<p>The pound was trading at $1.0797 at 7.33 a.m. (0633 GMT).  <\/p>\n<p> (Editing by Kate Holton)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/reversing-uk-confidence-crash\/attachment\/commuters-reflected-in-windows-of-an-office-walk-across-london\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8Q07A-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8Q07A-BASEIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/reversing-uk-confidence-crash\/attachment\/file-photo-illustration-shows-british-pound-banknotes-4\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8Q07B-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8Q07B-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Andy Bruce LONDON (Reuters) \u2013 Rock-bottom investor confidence in Britain will only recover with a U-turn of the economic plan announced last week by finance minister Kwasi Kwarteng, U.S.<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1659278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1659278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1659278"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1659278\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1659278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1659278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1659278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}