The government of new British Prime Minister Liz Truss came under pressure after the pound hit a record low against the dollar following last week’s huge tax-cutting budget.

The main opposition Labour Party lambasted Truss for the massive spending plans, which some economists warn could further fuel inflation.

Labour’s finance spokeswoman Rachel Reeves described the situation as a “national emergency” and likened Truss and her chancellor of the exchequer Kwasi Kwarteng to “two desperate gamblers in a casino chasing a losing run”.

Britain has been facing a cost-of-living crisis with soaring energy prices coupled with inflation and wage stagnation.

Source: BBC

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