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Post: In England, they calculated the financial losses after Truss was elected prime minister.

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A line chart on a trader's computer monitor - RIA Novosti, 1920, 09/27/2022
Line chart on a trader’s computer monitor. Archive photo

Bloomberg: British stock markets lost $ 500 billion due to Truss

MOSCOW, September 27 – RIA Novosti. British stock markets lost $500 billion after Liz Truss took over as Prime Minister of Great Britain, informs Bloomberg.

“The UK isn’t always the safe pair of hands investors are used to, it’s more like the wild west these days,” said AJ Bell investment fund analyst Danny Hewson.

According to the article, the London Stock Exchange’s FTSE 350 Index has lost more than $300 billion in market capitalization since Sept. During that time, the country’s sovereign bond index collapsed, losing more than $173 billion in value. In addition, high-grade sterling bonds fell $29 billion.

A number of experts believe that the sharp sale of shares on the London Stock Exchange was provoked by inflation caused by the actions of the cabinet headed by Truss.

Truss, who served as British Foreign Secretary, was elected chairman of the Conservative Party on 5 September. Former Minister of Foreign Affairs received 81.3 thousand votes, beating former Finance Minister Rishi Sunak with 60.4 thousand votes. A YouGov poll showed that half of Britons were dissatisfied with Liz Truss becoming the new Prime Minister of Great Britain. At the same time, only four percent of those surveyed were very happy with his election.

Source: Ria

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