Anand Mahindra, an industrialist, is known for sharing amusing video and photo updates on Twitter. He posted a picture of a British tabloid about the nation’s politics on Saturday.
In order to determine which would stay longer, the tabloid daily Daily Star set up a live feed of unrefrigerated lettuce next to a picture of recently elected British Prime Minister Liz Truss. “Which wet lettuce will last longer,” the tabloid tweeted.
In response to the vicious jab at Truss, Mahindra referred to Britain as “brutal.”
“Great (Brutal) Britain,” he quipped.
Great (Brutal) Britain. pic.twitter.com/a4VxKvIkfG
— anand mahindra (@anandmahindra) October 15, 2022
After persistent market turbulence, Truss sacked her finance minister Kwasi Kwarteng this week. Truss claimed that she had taken “decisive” action to promote “economic stability,” but the pound continued to decline on currency markets, dropping below $1.12.
As Britain’s fourth chancellor this year, Kwarteng was succeeded by the moderate former foreign secretary and former Tory presidential contender Jeremy Hunt.
The financial crisis is wreaking havoc in Britain. The Bank of England Governor gave pension funds three days to solve their liquidity issues before the bank stopped providing emergency bond-buying support, which caused the cost of borrowing for the British government to reach a 20-year high on Wednesday.
Since finance minister Kwarteng last month announced tax cuts without providing any information regarding how they would be paid for, the nation’s financial markets have been in a state of chaos.
The increase in home prices last month was the smallest since the beginning of the coronavirus epidemic, and they appear to be headed downward as rising mortgage rates increase consumers’ anxiety about the health of the economy.
According to an estimate made by think tank the Resolution Foundation yesterday, one in five British households will experience financial hardship as a result of having to pay extra for their mortgages between now and 2024.
Over the following two years, the annual mortgage payments for more than 5 million families, according to the report, will increase by an average of 5,100 pounds ($5,700.27).
Friday saw a significant decline in the value of the pound relative to the US dollar as Truss abandoned portions of their economic package that had wreaked havoc on the UK financial markets. The BoE intervened to purchase UK gilts in recent weeks in an effort to calm the bond market.