British billionaire investor Guy Hands has reckoned that Britain will grow to be “the sick man of Europe” and could also be compelled to search a bailout from the International Monetary Fund (IMF) if it doesn’t renegotiate its Brexit deal. The billionaire insisted the United Kingdom’s present financial woes are the results of a poorly negotiated Brexit deal and never the Liz Truss authorities’s controversial tax reduce proposals.
Billionaire Says Poor Brexit Deal Is Source of UK’s Economic Woes
The British billionaire investor Guy Hands has warned that Britain wants to renegotiate Brexit if it’s to keep away from searching for a bailout from the International Monetary Fund (IMF), a report has stated. According to Hands, Britain’s poorly negotiated exit from the European Union is the first reason behind the United Kingdom’s ongoing financial woes.
As per a report by The Telegraph, Hands believes Britain’s interval of financial ache — which seemingly reached its crescendo when the pound fell to its lowest change rate versus the greenback — began six years in the past and will ultimately see the nation grow to be “the sick man of Europe.”
While Britain won’t want the bailout instantly, Hands, founder of personal fairness agency Terra Firma, insists searching for such monetary help will grow to be a actuality if U.Ok. ministers fail to renegotiate the Brexit deal. Hands warned in regards to the present course of the nation:
Steadily growing taxes, steadily decreasing advantages and social providers, increased rates of interest and ultimately the necessity for a bailout from the IMF.
Hands, who’s a supporter of the ruling Conservative Party, reportedly recommended that he doesn’t suppose the outgoing Liz Truss authorities’s tax reduce proposals are to blame for the United Kingdom’s monetary mess.
Hands: Conservatives Must Own Up to Their Mistake
Tax cut proposals by Kwasi Kwarteng — the United Kingdom’s former chancellor of the exchequer — reportedly spooked monetary markets, inflicting the pound to fall to its lowest ever degree versus the U.S. greenback.
Meanwhile, the billionaire investor recommended there has to be some reckoning that the Brexit deal is poor and that it solely put Britain on a disastrous financial path. In his remarks directed on the Conservative Party, which has since chosen Rishi Sunak to grow to be the UK’s subsequent prime minister, the billionaire stated:
“I think if the Tory party can own up to the mistake in how they negotiated Brexit and have somebody leading it that actually has the intellectual capability and the authority to negotiate Brexit, there is a possibility of turning around the economy, but without that the economy is frankly doomed.”
After touching a low of 1.03 per one greenback, the pound has since recovered and is buying and selling at £1:$1.13 on the time of writing.
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