The pound fell to a record low against the dollar Monday after Chancellor of the Exchequer vowed to press on with more tax cuts. The nosedive in the pound and the UK government’s pursuit of policies to spur an economy beset by surging prices have prompted scathing comparisons between Britain and emerging markets. Former US Treasury Secretary Larry Summers lamented Britain is following the worst approach of any consequential nation in a long time. The situation is so dire that some comparisons have even been drawn with Turkey, an economy whose policies appear designed to exacerbate inflation rather than contain it. The BOE has increased rates seven times since kicking off the inflation-fighting cycle late last year, beating the Federal Reserve to the starting line, and long before the European Central Bank got going . . .
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