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British economic chaos, Russian propaganda

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LONDON (AP) — The British pound stabilized as British authorities sought to assuage investor concerns after the biggest tax cut in 50 years sent the currency to a record low. Some companies are predicting a devastating combination of currency depreciation and rising interest rates. The turmoil is already having a real-world impact, with UK mortgage lenders pulling hundreds of offers out of the market. This is due to expectations that the Bank of England will raise interest rates significantly to offset the inflationary impact of the recent depreciation of the pound. The Wine and Spirits Trade Association says a crash in the pound will raise prices for consumers and threaten the jobs of hundreds of British workers in bottling plants.


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