‘City boys’ are now being blamed for the plummeting pound after allegedly playing ‘fast and loose’ with the country’s finances.
Senior Tories have attempted to shift responsibility for the sterling meltdown away from Liz Truss and onto currency traders after Kwasi Kwarteng’s controversial mini-budget.
A source close to the PM dismissed the pound’s sharp drop in value as ‘city boys playing fast and loose with the economy’.Former cabinet minister John Redwood said the dip was nothing more than traders ‘trying to make money out of bad news’.. ‘These are extremely volatile markets with some very large players clearly running very big bear positions, and other players coming in to take them on.
Mr Kwarteng confirmed the UK was ‘technically’ in a recession last week, but insisted his measures would ensure any dip is ‘shallow’. Pressed on whether he was acknowledging there was a recession, he said: ‘I’m not acknowledging that, no no, I said that there is technically a recession.
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