EXPLAINER: What caused UK’s economic crisis and what’s next?

By DANICA KIRKA
Associated Press

LONDON (AP) — Prime Minister Liz Truss took office last month promising to rebuild the British economy and put the nation a path to “long-term success.” Instead, her tenure so far has been marred by turmoil as mortgage rates soared, the pound fell to record lows and chaos on bond markets threatened the country’s financial stability. She announced sweeping tax cuts without providing details on how she would pay for it, spooking markets concerned about soaring public debt and later forcing the Bank of England to intervene. Financial markets are likely to remain volatile until the government releases its full economic plan, including an independent analysis of its impact on public finances.