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The Wall Street Journal

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


LONDON—The British authorities unveiled the largest 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 many years, 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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