Rishi Sunak tells Covid inquiry he was worried about UK’s ability to fund itself
NegativeFinancial Markets
- Rishi Sunak, during the Covid-19 pandemic inquiry, expressed concerns regarding the UK's financial stability in March 2020, particularly after the government implemented costly rescue measures to avert mass unemployment. He noted that the rising interest bill on government bonds was a source of acute stress, fearing that foreign investors might doubt the UK's ability to manage its finances compared to other nations in similar situations.
- This revelation highlights the significant pressures faced by Sunak as Chancellor during a critical period, where the government's fiscal decisions were pivotal in shaping the economic landscape. His apprehensions reflect broader anxieties about the UK's financial health and its implications for future economic policies.
- The ongoing discourse around the UK's economic strategy is underscored by recent warnings from economists about the current budget's shaky foundations, which include substantial tax increases. Additionally, the construction sector's slowdown and rising borrowing costs further illustrate the challenges the UK faces in stabilizing its economy amidst lingering uncertainties from the pandemic.
— via World Pulse Now AI Editorial System
