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https://www.barrons.com/articles/pound-uk-economy-crisis-51664297282
The U.K. Economy Is Having a Meltdown. The Bank of England Had to Intervene.
By Brian Swint
Updated Sept. 28, 2022 11:10 am ET / Original Sept. 27, 2022 4:26 pm ET
The British pound fell to a record low $1.03 on Monday.
Chris J. Ratcliffe/Getty Images
The recent chaotic swings in the British pound and in U.K. government bonds mean traders are at panic stations, forcing the Bank of England to step in to calm things down.
The spectacular drops within the past week were sparked by Prime Minister Liz Truss's dramatic policy decision to borrow billions to cut taxes in the hopes of supercharging economic growth. But markets judged that the plan doesn't have much chance of success.
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The recent chaotic swings in the British pound and in U.
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