Why the U.K.'s "trickle down" tax cut plan terrifies investors
CBSN
Financial markets are in turmoil this week after the United Kingdom unveiled a series of historic tax cuts. The pound's value plunged, the International Monetary Fund urged the U.K. to reverse course and economist Larry Summers derided the move as "utterly irresponsible."
Although newly installed Prime Minister Liz Truss is betting that the tax cuts will spur economic growth and pull the U.K. out of a possible recession, the adverse market reaction suggests investors see the policy as a major mistake. Here's what's been announced and why investors are worried.
London - The wife of Julian Assange said Thursday that her husband's legal case "could be moving in the right direction" after President Biden indicated that the U.S. could drop charges against the imprisoned WikiLeaks founder. It came as supporters in several cities rallied to demand the release of Assange on the fifth anniversary of his incarceration in London's high-security Belmarsh prison.
Strasbourg, France — Europe's highest human rights court ruled Tuesday that its member nations have an obligation to protect their citizens from the ill effects of climate change, but it still threw out a high-profile case brought by six Portuguese youngsters aimed at forcing countries to reduce greenhouse gas emissions.