IMF and Moody's condemn UK policy, Bank of England says major action will be taken

MCO) criticism of Britain’s new economic strategy as investors brace for greater disruption in markets has forced the Bank of England to commit to “significant” action. A rare intervention by the global lender of last resort has put more pressure on the new finance minister, Kwassi Kwatten, to Reassess a policy that sparked the financial crisis. The collapse in the value of British assets dragged down borrowing costs in Britain and Europe. It also sowed turmoil in the mortgage market, leading to warnings of a sharp drop in home prices. The pound fell 0.5% to $1 in early London trade on Wednesday. and yield – and One-year U.K. government bonds topped 5 percent, hitting multi-year highs, as the sell-off in the country’s debt extended into its fourth session of the session. The latest crisis to hit the British nation was sparked on Friday when Kwarteng and Prime Minister Liz Truss offered their return to Thatcher Doctrine and Reagan economics’ visions to free the economy from years of stagnant growth through drastic tax cuts and deregulation.