Well, that went well. The emergency fiscal event unveiled by Britain’s new Chancellor Kwasi Kwarteng was received so poorly by financial market participants that the reopening of trading on Monday will be viewed with extreme nervousness by the Bank of England and His Majesty’s Treasury. The currency took a hammering on Friday and it is likely to get worse. Against the dollar it traded below $1.09. Not all that long ago, in 2015, it was around $1.50. Are you British, paid in pounds and considering a trip to America? Don’t. Or if you do go, consider buying a tent, sleep in Central Park and avoid any purchases. Take snacks. Why were investors – those trading currencies and buying and selling government debt – so worried by Kwarteng’s announcements on Friday?