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If Truss becomes prime minister, sterling will crash and more

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If Truss becomes prime minister, sterling will crash

By Meghnad Desai

The economic debate among the two candidates bidding to become the next British prime minister shows a frightening sense of unreality. Liz Truss, the foreign secretary, is the frontrunner in the contest, to be decided by 5 September in a poll of Conservative party members. If she wins, and enacts her promise of immediate tax cuts, the only safe prediction is that sterling will crash. The pound’s fall on 4 August – after the Bank of England raised its headline rate to 1.75% and warned of 13% inflation and a protracted recession – delivers a taste of things to come.

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