Former U.S. Treasury Secretary Larry Summers said there were 'hallmark' signs that the U.K.'s credibility had been lost.
"I would not be amazed if British short rates more than triple in the next two years and reach levels above 7 percent. I say this because U.S. rates are now projected to approach 5 percent and Britain has much more serious inflation, is pursuing more aggressive fiscal expansion and has larger financing challenges," he said., and analysts recalibrated their eye-watering expectations after the government stepped in to cap annual household energy bills.
"A currency crisis in a reserve currency could well have global consequences. I am surprised that we have heard nothing from the IMF."official Raphael Bostic, president of the Atlanta Fed, who told The Washington Post on Monday that Kwarteng's £45 billion in tax cuts had increased economic uncertainty and raised the probability of a global recession.
ING Developed Markets Economist James Smith suggested that mounting pressure, potentially coupled with comments from ratings agencies in the coming weeks, may lead investors to look for signs of a policy U-turn from the government.
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