# @benzinga on Instagram

- **Type:** Video
- **Original URL:** https://www.instagram.com/p/CjF5NSrKmCX
- **Gondola URL:** https://gondola.cc/posts/21841206-benzinga-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/thumbnails/c7df088767.jpg
- **Posted:** 2022-09-29T13:21:19.000+00:00
- **Account Owner:** Benzinga | News That Moves (@benzinga) — https://gondola.cc/benzinga

## Caption

The rout in the financial market resulting from the U.K. government’s spending plan “suggests incompetence,” billionaire investor and founder of Bridgewater Associates, Ray Dalio, said in a series of tweets.

“The panic selling you are now seeing that is leading to the plunge of UK bonds, currency, and financial assets is due to the recognition that the big supply of debt that will have to be sold by the government is much too much for the demand,” Dalio tweeted.

“That makes people want to get out of the debt and currency. I can't understand how those who were behind this move didn't understand that. It suggests incompetence. Mechanistically, the UK government is operating like the government of an emerging country... it is producing too much debt in a currency that there is not a big world demand for,” Dalio tweeted.

The Mini-Budget Impact: The comments from the author of the top-selling book “Principles” comes in the wake of a turmoil in the financial markets triggered by Britain’s new Chancellor of the Exchequer Kwasi Kwarteng, who announced the biggest package of tax cuts in 50 years in what has been dubbed the “mini-budget”.

Kwarteng had said there is a need for a major change of direction in order to boost economic growth following which the pound fell to a record low against the dollar, dropping to as low as $1.0327. The Invesco CurrencyShares British Pound Sterling Trust, which is designed to track the British Pound, is down over 7% in the last month.

Get the rest of the story on benzinga.com, link in bio.

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