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world news Diamars 27 september 2022

15 dead, 24 wounded in school shooting British pound plunges to new

in Russia low as tax cuts spark concern

(AP) — The British Kwarteng and Prime Min-
pound fell to all-time ister Liz Truss, who took
low against the U.S. dol- office three weeks ago, are
lar early Monday after betting that lower taxes and
Treasury chief Kwasi reduced bureaucracy even-
Kwarteng pledged a tually will generate enough
sweeping package of tax additional tax revenue to
cuts, fueling concerns cover government spend-
about the government’s ing. Economists suggest it
economic policy as the is unlikely the gamble will
United Kingdom teeters pay off.
toward recession.
Opposition Labour Party
The pound fell as low as economy spokeswoman
$1.0373, its lowest level Rachel Reeves accused the
since the decimalization of government of “a return
the currency in 1971, be- to trickle-down econom-
fore rallying to about $1.08 ics, an idea that has been
(AP) — A gunman opened ple, including 11 children, Peskov told reporters Mon- in London afternoon trad- tried, has been tested and
fire in a school in central were killed in the shoot- day. ing. has failed.”
Russia on Monday, killing ing, and 24 other people,
15 people and wounding including 22 children, were The school educates children The weakening currency Monday’s turbulence fol-
24 others before shooting wounded in the attack. between grades one and 11. piles pressure on the U.K.’s lows a 3% fall in the pound
himself dead, authorities It has been evacuated and the new Conservative govern- Friday, the biggest one-day
said. The governor of Udmurtia, area around it has been cor- ment, which has gambled drop against the U.S. dollar
Alexander Brechalov, said doned off, the governor said. that slashing taxes — and since Johnson announced
The shooting took place in the gunman, who he said increasing borrowing to Britain’s first COVID-19
School No. 88 in Izhevsk, was registered as a patient at Russia’s National Guard said compensate — will spur lockdown on March 18,
a city 960 kilometers (600 a psychiatric facility, killed Kazantsev used two non-le- economic growth. Many 2020. Before that, the
miles) east of Moscow in the himself after the attack. thal handguns adapted to fire economists say it’s more pound lost more than 10%
Udmurtia region. real bullets. The guns were likely to fuel already high of its value immediately af-
Kremlin spokesman Dmitry not registered with the au- inflation, push down the ter the U.K. voted to leave
Russia’s Investigative Com- Peskov described the shoot- thorities. pound and drive up the the European Union in
mittee identified the gun- ing as “a terrorist act” and cost of U.K. government June 2016 before rebound-
man as 34-year-old Artyom said Russian President Vladi- A criminal probe into the in- borrowing — a potential ing.
Kazantsev, a graduate of the mir Putin has given all the cident has been launched on perfect storm of economic
same school, and said he was necessary orders to the rel- charges of multiple murder headwinds. As it is cutting taxes, the
wearing a black t-shirt bear- evant authorities. and illegal possession of fire- government plans to cap
ing “Nazi symbols.” No de- arms. The turbulence raised electricity and natural gas
tails about his motives have “President Putin deeply speculation that the Bank prices for homes and busi-
been released. mourns deaths of people and Izhevsk, a city of 640,000, of England may step in nesses to help cushion
children in the school, where is located west of the Ural with an emergency hike in price rises that have been
The Committee said 15 peo- a terrorist act took place,” mountains in central Russia. interest rates to help shore triggered by Russia’s war
up sterling. in Ukraine and have sent
inflation to a near 40-year
Japan bans export of chemical weapons Despite mounting concern, high of 9.9%.
the government dug in its
goods to Russia heels, insisting it wouldn’t This program will cost 60
billion pounds, and the
comment on “daily mar-
ket movements.” But in government will borrow
question about U.S. national a bid to reassure markets, to finance it, Kwarteng said
security adviser Jake Sulli- the Treasury announced it Friday.
van’s comments Sunday on would set out a medium-
CBS news that the United term fiscal plan on Nov. He said Sunday that it was
States will act “decisively” in 23, alongside an economic the right policy because
case of a Russian nuclear at- forecast by the indepen- the government needed to
tack on Ukraine. dent Office for Budget Re- help consumers squeezed
sponsibility. by the unprecedented pres-
Asked if Japan approves of sures caused by the war in
the possible use of nucle- The British currency has Ukraine and the pandemic.
ar weapons by the United been hammered since Fri-
States against Russia, Mat- day, when Kwarteng an- While the pound’s slide has
suno refused to comment on nounced the U.K.’s biggest accelerated in recent days,
the grounds that it was a hy- tax cuts in 50 years. the currency has fallen
pothetical question. steadily against the dol-
The government plans to lar for more than a year as
(AP) — Japan expressed “As the world’s only country Japan’s government on Mon- cut 45 billion pounds ($49 investors sought the secu-
grave concern about Rus- to have suffered nuclear at- day banned the export of ma- billion) in taxes as well rity of U.S. assets amid the
sia’s possible use of nu- tacks, we strongly demand terials that may be used for as spend billions to help global economic shocks.
clear weapons against that the threat or use of chemical weapons to 21 Rus- consumers and businesses
Ukraine as the top gov- nuclear weapons by Russia sian organizations, includ- struggling with high en- The pound’s decline
ernment spokesman on should never happen,” Chief ing science laboratories. The ergy bills that are driving against the dollar also has
Monday announced an Cabinet Secretary Hirokazu measure was approved by the a cost-of-living crisis. The been fueled by the Bank of
additional ban on exports Matsuno told a regular news Cabinet following a decision combination has sparked England not keeping pace
of chemical weapons-re- conference. by Group of Seven foreign investor concern about spi- with the U.S. Federal Re-
lated goods to Russia. ministers last week. raling government debt. serve’s efforts to rein in in-
Matsuno was responding to a flation.