Pound rises and borrowing costs fall as chancellor moves to calm markets

“But markets are fickle and two weeks is a long time in economics, as in politics. It’s a pretty easy and obvious step to reverse most of those unfunded tax cuts announced in the mini-budget but it’s less straightforward to move the debate along. And that’s where the real risk lies. Austerity might not be palatable, but it seems to be on the table.”

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