Britain's economic crisis in Mini-budget perspective

Abstract

In October 2022, former British Prime Minister Liz Truss announced her resignation in London, becoming the first prime minister with the shortest term in British history. Due to the current unstable economic and international situation, Lizzie Truss launched a "mini-budget" to trigger a violent reaction in the financial market. Severely tested the British market: the stock market plummeted, the bond market sold wildly, and the foreign exchange market collapsed. As a highly developed financial industry in the United Kingdom, the budget bill severely impacts its financial instrument pension plan. Mini-budget has been a cold winter for the British economy since Brexit in 2016, the new crown epidemic in 2019, and the Russian-Ukrainian war. This article examines the current British economic crisis and its consequences in the context of globalization, as well as analyzes and forecasts the future of the British economy based on Sunak's "Autumn Statement."