Fall of the pound sterling: the ultraconservatives blame the financial markets

Crisis, which crisis ? In the ranks of the ultraliberals who brought Liz Truss to power, the crisis in the pound is not to be attributed to the tax measures announced last Friday by its Minister of Finance, Kwasi Kwarteng. The ambiguity is maintained by the Prime Minister herself, since she suggested in a radio intervention on Thursday that it was first her energy support plan that had frightened the markets. A questionable interpretation, given that the pound fell when Kwasi Kwarteng presented his tax program in the House of Commons, two weeks after the announcements on energy.

Among Liz Truss’s supporters are those who say it’s a global crisis affecting all economies, those who advise her to hold on until the storm passes, or those who blame it on traders who bet against the pound.