White House Adviser Says UK, EU Economies To Face Tough Period In Coming Months

WASHINGTON (UrduPoint News / Sputnik – twenty eighth September, 2022) White House National Economic Council Director Brian Deese in an interview at The Economic Club in Washington stated the UK and the EU will undergo a tough interval economically within the subsequent few months.

On Monday, the British pound fell to an all-time low of $1.0384 in opposition to the US Dollar in gentle of UK Prime Minister Liz Truss’s tax-cutting plans. .

“I think the situation in Europe and the UK is very difficult right now,” Deese stated on Tuesday. “It is and is going to be a tough period for the UK and for the European Union over the course of the next several months.

He stated the UK and EU are extra uncovered to power volatility and would not have a few of the incumbent strengths that the US does economically, he added.

On Friday, UK Chancellor of the Exchequer Kwazi Kwarteng introduced a forty five billion pound ($48 billion) tax-cutting package deal that might profit the best earners most, inflicting concern about unsustainable authorities borrowing.

The International Monetary Fund (IMF) in a press release to Sputnik on Tuesday stated the fund is carefully following studies about regarding financial developments within the British economic system and presently engaged with UK authorities in regards to the matter.

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