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The Brexit crash

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EDITORIAL. After the presentation of her mini-budget, British Prime Minister Liz Truss is already weakened. The situation in the UK is critical.





By Nicolas Baverez

Liz Truss, British Prime Minister.
© IAN VOGLER/POOL/AFP

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HASWhen the Royal Mint, the body responsible for minting British currency, unveiled the first coins bearing the effigy of King Charles III, the United Kingdom was hit by a financial crisis of rare violence. In a few days, the pound fell to its historic low against the dollar (1.03), while interest rates soared, reaching 4.55% and more than 5% respectively for the gilt at ten and thirty.

The origin of the storm is not external, linked to the war in Ukraine and the energy crisis, but internal. It is to be found in the economic program announced by Liz Truss and her Chancellor of the Exchequer, Kwasi Kwarteng. It juxtaposes support measures for households and businesses to limit the rise in energy, the cost of which remains uncertain…


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