Britain has become an international laughing stock after the chancellor’s mini-budget threatened to crash the economy.
The Bank of England was forced to take emergency action, buying up long-term Government bonds because of a “material risk to UK financial stability”, while the International Monetary Fund urged the Chancellor to change course.
With Liz Truss only a few weeks in office, the UK’s stock and bond markets have lost at least $500 billion in combined value.
The pound also hit a record low of 1.0327 against the US dollar on Monday morning after traders were spooked by the Government’s economic plans.
Touching on the subject, The Daily Show’s Trevor Noah said he “actually feels bad for Liz Truss”.
“This was the first bill that she proposed – and it tanked the entire economy.”
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