No, the great fall in UK GDP was NOT priced in. Markets were expecting something like -15%. What happened is that financiers thought: "By golly, this is much worse than we thought. But that's good! The BoE will panic, they will print new mountains of pounds, these will flow into the City, share prices will rise - time to buy!"
Yanis Varoufakis, a former finance minister of Greece, is leader of the MeRA25 party and Professor of Economics at the University of Athens.
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