Liz Truss’s ‘mini budget’ didn’t get a mini reaction. The plan, which initially included a cut in personal income tax for the top earners, sent markets into a panic and sent the pound plummeting to near parity with the U.S. dollar — something that hasn’t happened since the mid-1980s.
But why did the markets react that way to a budget? And what was Truss trying to do in the first place? Lucille Perreault is a researcher at the Sprott School of Business at Carleton University, and she specializes in taxes. She explains the economics at work and what Canada can learn from the fallout.
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