Britain Is Neither an Emerging Market Nor a Cheap Place to Invest

Britain is no emerging market, but that doesn’t mean it is ripe for investment.

In her keynote speech at the annual Conservative Party conference Wednesday, embattled U.K. Prime Minister Liz Truss argued that the economic benefits of her tax-cutting policies will outweigh the market turmoil caused by them last week. Many analysts pointed to the simultaneous selloff in sterling and sovereign bonds as a scary sign that Britain was behaving like an emerging economy, where currency slides often force central banks to tighten policy and push governments toward default.

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