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Truss’s UK Tax Cuts Raise Concern Among Fed, German Officials

Sept. 27, 2022, 12:46 PM

The UK government’s tax-cutting blitz is drawing the concern of international policy makers, with a Federal Reserve official going as far as to say the subsequent fallout in financial markets adds to headwinds facing the world economy.

Asked on Monday whether the downturn in UK markets increases the odds of a global recession, Fed Bank of Atlanta President Raphael Bostic said: “It doesn’t help it.”

“What we have seen in the reaction to the proposed plan is a real concern, a fear that the new actions will add uncertainty to the economy,” Bostic said in an online discussion hosted by ...