On Twitter, Anand Mahindra, an industrialist with a keen eye for good videos and excellent photographs, shares exciting videos and photos. On Saturday, he shared a picture of a British tabloid on the country’s politics.
The Daily Star, a tabloid newspaper, set up a live feed of refrigerated lettuce next to a photo of newly elected British Prime Minister Liz Truss to see which would last longer. “No wet lettuce will last,” the tabloid tweeted.
Mahindra responded by calling Great Britain “brutal” after Truss’s ruthless dig.
The Truss sacked its finance minister Kwasi Kwarteng this week after prolonged market volatility. Truss insisted he had acted “decisively” to bring about “economic stability,” — but currency markets resumed their slide, with the pound falling below $1.12.
Kwarteng was replaced by the centrist former foreign secretary and former Tory leadership candidate Jeremy Hunt as Britain’s fourth chancellor this year.
Britain is reeling from the financial crisis. Following the Bank of England Governor’s announcement that pension funds have three days to resolve liquidity problems before the bank withdraws its emergency bond-buying support, British government borrowing costs reached a 20-year high on Wednesday.
The country’s financial markets have been in turmoil since finance minister Kwarteng unveiled tax cuts without details on how they would be paid.
Last month’s rise in house prices was the slowest since early in the Coronavirus crisis. They are expected to fall as mortgage costs rise, increasing uncertainty among home buyers about the economy.
One in five families in Britain will take a financial hit from paying more for their mortgages between now and 2024 in the UK, think tank the Resolution Foundation forecasted yesterday.
It said more than 5 million families would see their annual mortgage payments rise by an average of 5,100 pounds ($5,700.27) over the next two years.
Earlier in the week, the Sterling fell against the US dollar sharply as Truss scrapped parts of his economic package, which caused havoc in the UK financial market. The BoE had bought UK gilts the last few weeks to stabilize the bond market.