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The Wall Street Journal

U.K.’s Sweeping Tax Cuts Ship Pound Tumbling, Yields Increased

LONDON—The British authorities unveiled the most important tax cuts for the reason that early Nineteen Seventies in a daring guess to jolt the U.K.’s inflation-stricken economy into progress, prompting a slide within the pound and a bounce in authorities bond yields.

In one of many largest shifts in British financial coverage in a long time, U.K. Chancellor of the Exchequer Kwasi Kwarteng stated the federal government would minimize payroll taxes, freeze company tax, ditch a cap on banker bonuses and spend billions to subsidize vitality payments over the subsequent two years.

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