Bitcoin News
Latest Crypto from multi News Outlets
  • bitcoinBitcoin (BTC) $ 16,179.15 2.29%
  • ethereumEthereum (ETH) $ 1,170.96 3.84%
  • tetherTether (USDT) $ 0.999946 0.04%
  • bnbBNB (BNB) $ 292.92 5.87%
  • usd-coinUSD Coin (USDC) $ 1.00 0.05%
  • binance-usdBinance USD (BUSD) $ 1.00 0.03%
  • xrpXRP (XRP) $ 0.386009 4.3%
  • dogecoinDogecoin (DOGE) $ 0.095847 8.05%
  • cardanoCardano (ADA) $ 0.307335 3.77%
  • matic-networkPolygon (MATIC) $ 0.822449 4.6%
  • polkadotPolkadot (DOT) $ 5.18 4.2%
  • staked-etherLido Staked Ether (STETH) $ 1,154.01 3.57%
  • shiba-inuShiba Inu (SHIB) $ 0.000009 4.2%
  • litecoinLitecoin (LTC) $ 73.86 3.51%
  • daiDai (DAI) $ 1.00 0.02%
  • okbOKB (OKB) $ 20.28 4.27%
  • tronTRON (TRX) $ 0.053427 1.05%
  • solanaSolana (SOL) $ 13.36 6.87%
  • uniswapUniswap (UNI) $ 5.24 5.63%
  • avalanche-2Avalanche (AVAX) $ 12.40 6.2%
  • leo-tokenLEO Token (LEO) $ 3.80 9.04%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 16,118.95 2.26%
  • chainlinkChainlink (LINK) $ 6.97 1.77%
  • cosmosCosmos Hub (ATOM) $ 9.78 4.15%
  • ethereum-classicEthereum Classic (ETC) $ 19.25 4.41%
  • the-open-networkThe Open Network (TON) $ 1.71 0.52%
  • moneroMonero (XMR) $ 135.30 1.64%
  • stellarStellar (XLM) $ 0.088059 4.12%
  • bitcoin-cashBitcoin Cash (BCH) $ 110.06 2.38%
  • algorandAlgorand (ALGO) $ 0.235625 4.13%
  • quant-networkQuant (QNT) $ 110.81 8.52%
  • crypto-com-chainCronos (CRO) $ 0.063290 2.4%
  • apecoinApeCoin (APE) $ 4.17 6.84%
  • filecoinFilecoin (FIL) $ 4.26 4.43%
  • vechainVeChain (VET) $ 0.018339 5.07%
  • nearNEAR Protocol (NEAR) $ 1.56 5.66%
  • hedera-hashgraphHedera (HBAR) $ 0.048991 3.51%
  • fraxFrax (FRAX) $ 0.999447 0.05%
  • flowFlow (FLOW) $ 1.10 5.04%
  • internet-computerInternet Computer (ICP) $ 3.87 4.15%
  • elrond-erd-2MultiversX (Elrond) (EGLD) $ 42.09 3.54%
  • eosEOS (EOS) $ 0.901521 4.71%
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000157 4.56%
  • theta-tokenTheta Network (THETA) $ 0.919536 5.31%
  • tezosTezos (XTZ) $ 0.977424 3.72%
  • chain-2Chain (XCN) $ 0.041005 3.3%
  • chilizChiliz (CHZ) $ 0.164516 5.91%
  • the-sandboxThe Sandbox (SAND) $ 0.553020 5.26%
  • aaveAave (AAVE) $ 60.00 4.6%
  • trust-wallet-tokenTrust Wallet (TWT) $ 2.03 1.58%

Report: Billionaire Says Britain May Be Forced to Seek Bailout From IMF if It Does Not


British billionaire investor Guy Hands has reckoned that Britain will become “the sick man of Europe” and may be forced to seek a bailout from the International Monetary Fund (IMF) if it does not renegotiate its Brexit deal. The billionaire insisted the United Kingdom’s current economic woes are the result of a poorly negotiated Brexit deal and not the Liz Truss government’s controversial tax cut proposals.

Billionaire Says Poor Brexit Deal Is Source of UK’s Economic Woes

The British billionaire investor Guy Hands has warned that Britain needs to renegotiate Brexit if it is to avoid seeking a bailout from the International Monetary Fund (IMF), a report has said. According to Hands, Britain’s poorly negotiated exit from the European Union is the primary cause of the United Kingdom’s ongoing economic woes.

As per a report by The Telegraph, Hands believes Britain’s period of economic pain — which seemingly reached its crescendo when the pound fell to its lowest exchange rate versus the dollar — started six years ago and could eventually see the country become “the sick man of Europe.”

While Britain might not need the bailout right away, Hands, founder of private equity firm Terra Firma, insists seeking such financial assistance will become a reality if U.K. ministers fail to renegotiate the Brexit deal. Hands warned about the current course of the country:

Steadily increasing taxes, steadily reducing benefits and social services, higher interest rates and eventually the need for a bailout from the IMF.

Hands, who is a supporter of the ruling Conservative Party, reportedly suggested that he does not think the outgoing Liz Truss government’s tax cut proposals are to blame for the United Kingdom’s financial mess.

Hands: Conservatives Must Own Up to Their Mistake

Tax cut proposals by Kwasi Kwarteng — the United Kingdom’s former chancellor of the exchequer — reportedly spooked financial markets, causing the pound to fall to its lowest ever level versus the U.S. dollar.

Meanwhile, the billionaire investor suggested there has to be some reckoning that the Brexit deal is poor and that it only put Britain on a disastrous economic path. In his remarks directed at the Conservative Party, which has since chosen Rishi Sunak to become the UK’s next prime minister, the billionaire said:

“I think if the Tory party can own up to the mistake in how they negotiated Brexit and have somebody leading it that actually has the intellectual capability and the authority to negotiate Brexit, there is a possibility of turning around the economy, but without that the economy is frankly doomed.”

After touching a low of 1.03 per one dollar, the pound has since recovered and is trading at £1:$1.13 at the time of writing.

Tags in this story
Brexit, British Pound, Conservative Party, Guy Hands, International Monetary Fund, Kwasi Kwarteng, Liz Truss, pound depreciation, Rishi Sunak, Terra Firma, unfunded tax cuts

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Read More: Report: Billionaire Says Britain May Be Forced to Seek Bailout From IMF if It Does Not

Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Leave A Reply

Your email address will not be published.