NZ dollar, share market caught in fallout from UK ‘mini-budget’

Financial markets were spooked, and the British pound dropped below 1.04 pounds against the US dollar – an all-time low – before recovering to 1.07 this morning. (Image: Depositphotos)

Dan Brunskill

Tue, 27 Sep 2022

New Zealand shares fell 0.3% at market open as traders returned from the Queen Elizabeth Memorial Day holiday to incredible volatility across global markets. Financial markets worldwide dropped during the long weekend after the British government announced an economic plan that traders think will worsen inflation.The ‘mini-budget’ included significant tax cuts and energy subsidies, funded by massive increases in government borrowing.Financial markets were spooked, and the British pound dropped against the US dollar – to a...

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