https://www.newsnationnow.com/business/ap-imf-urges-uk-to-re-evaluate-tax-cuts-on-inflation-concerns/

LONDON (AP) — The Bank of England took emergency action
Wednesday to stabilize U.K. financial markets and head off
a crisis in the broader economy after the government spooked
investors with a program of unfunded tax cuts, sending the
pound tumbling and the cost of government debt soaring.

The central bank warned that crumbling confidence in the
economy posed a “material risk to U.K. financial stability,”
while the International Monetary Fund took the rare step
to urge a member of the Group of Seven advanced economies
to abandon its plan to cut taxes and increase borrowing to
cover the cost.

The Bank of England said it would buy long-term government
bonds over the next two weeks to combat a recent slide in
British financial assets. The bank’s actions are focused on
long-term government debt, where yields have soared in recent
days, pushing up government borrowing costs.

.. . .

I'm wondering if the last great casualty of Covid will
be the UK.

The UK economy was not in the best shape before the
epidemic - but AFTER ... a spiraling disaster.

"Socialism" hasn't helped them - indeed the govt-run
institutions seem to have been the first things to
go down the loo.

The govt has been HIDING the true state of things for
a long time (as have a number of govts) by various
tricks and borrowing, but the bill is finally coming
due. The UK (and USA) spend more than they make and
that's been true for decades. A bad outcome was sure
to come. Now it's knocking at the door. Covid expenses
seem to have been the trigger - massive output with
a major cut-back in productivity at the same time.

The leftist "Labor" party seems to think it can take
advantage, but it certainly did ITS part to contribute
to the current situation - and seems to have nothing
but more of the same to offer as a "solution". Maybe
the UK electorate will soon follow the path of Italy ...