[LONDON] Ray Dalio, the billionaire hedge fund tycoon, is among those who are not too optimistic about the outlook for the British economy.
The 75-year-old American founder of hedge fund giant Bridgewater Associates, said in a recent podcast interview that the UK is stuck in a “doom loop” of rising debt, higher taxes and declining growth.
He even went so far as to say that British Chancellor of the Exchequer Rachel Reeves was driving away entrepreneurs and business leaders from the UK because of the government’s tax increases.
The markets, however, seem to be ignoring Dalio’s sentiments. What’s more, many economists and traders are predicting that the Bank of England (BOE) will slash interest rates on Thursday (Aug 7) to 4 per cent, from 4.25 per cent currently.
In recent months, the pound and the UK stock market have outperformed expectations.
At its peak in July, the pound was up by 13.7 per cent against a weaker US…
