#sovereigndebt #UK #gilts #interestrates #default #bailout #imf #bankofengland #economy #recession
In this report, I go over a Mial Online article that covers the leak of a U.K. Treasury report prepared for the Chancellor of the Exchequer Rishi Sunak.
This report notes that the U.K. economy is facing very strong headwinds and that even if the best-case scenario were to play out the economy would face years of increased taxation, austerity and inflation.
More worryingly, the report says the following: "The Treasury document warned that if the economy does not recover soon, the country could be thrown into a 1976-style sovereign debt crisis that could require an international bailout."
"Leaked Treasury paper suggests a £300billion body-blow to UK plc from the enforced lockdown": https://www.dailymail.co.uk/news/article-8313697/Britons-face-pay-freezes-tax-rises-cover-300bn-bill-coronavirus.html
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