Fears also crept in about the sustainability of government debt at a time of rapidly rising interest rates. The pound crashed to a record low against the US dollar, while bond prices slumped, sending yields soaring. The Bank of England was forced to announce three separate interventions to avoid a full-scale meltdown in the UK government bond market. Truss meanwhile failed to regain control of an increasingly mutinous Conservative Party, and her Home Secretary Suella Braverman launched a blistering attack on her leadership after leaving the role on Wednesday. A final chaotic display saw Truss allies accused of manhandling lawmakers to force them to vote against a fracking ban on Wednesday evening.

Source: Egypt Independent October 20, 2022 20:07 UTC