FT News Briefing The global backlash to UK tax cuts
Sep 28, 2022
The IMF has sharply criticized the UK’s controversial tax cut plan, warning it could lead to inflation and market instability. Meanwhile, the US is urging EU countries to boost financial aid for Ukraine amidst ongoing conflicts. In a surprising twist, the CEO of Celsius Network resigns during bankruptcy proceedings, signaling major shifts in the crypto landscape. Concerns about suspicious leaks in Rusian gas pipelines have raised fears of sabotage, complicating Europe-Russia relations even further.
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International Backlash Against UK Tax Cuts
- The UK's tax cut plan caused market turmoil and a falling pound.
- International economists, including the IMF, criticized the plan for potentially worsening inflation.
Nord Stream Pipeline Leaks
- Leaks in the Nord Stream pipelines raise sabotage concerns, escalating Europe-Russia tensions.
- The pipelines, designed to carry Russian gas to Europe, were shut down amidst prior tensions.
Celsius CEO Resigns
- Alex Mashinsky, CEO of bankrupt crypto lender Celsius Network, resigned.
- His resignation may impact the bankruptcy proceedings and creditors' outcomes.