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UK economic turmoil: seven days of chaos

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Good evening,

The adage that a week is a long time in politics has never appeared more apt.

Can it be just seven days since we reported on the UK’s “mini” Budget? A fiscal statement that unleashed chaos in financial markets, stinging criticism from the IMF and an emergency £65bn intervention from the Bank of England, leaving Brits fearing implications for their mortgages and pensions and the Tories getting hammered in opinion polls.

But first, some better news for the UK government. New GDP data this morning showed the economy improving in the second quarter, lessening fears of recession. However, significant revisions to earlier data show the UK is now the only G7 economy that remains smaller than it was before the pandemic.

One of the big criticisms of last week’s…

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