The UK is sleep-walking into a significant bond market crisis. Many, if not all of the indicators which have preceded large bond market crises in the past are present in the UK at the moment: high inflation rates, a large and widening current account deficit, a large budget deficit and a rapidly weakening currency. This is nothing new for the UK – it has faced a similar set of circumstances before, albeit with varying degrees of severity. The difference this time around is that the UK is set to proceed with aggressive fiscal loosening in the context of a wider…
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