The U.K.'s finance minister reversed most of an economic package announced recently by the government, including a planned income tax cut
U.K.'s New Treasury Chief Scraps Nearly All Government Tax Cut Plans
“It is a deeply held Conservative value—a value that I share—that people should keep more of the money that they earn,’’ Hunt said. “But at a time when markets are rightly demanding commitments to sustainable public finances, it is not right to borrow to fund this tax cut.”, who spent less than six weeks in the Treasury job. Truss and Kwarteng jointly came up with a Sept.
The unfunded tax cuts fueled investor concern about unsustainable levels of government borrowing, which pushed up government borrowing costs, raised home mortgage costs and sent the pound plummeting to an all-time low against the dollar. The Bank of England was forced to intervene to protect pension funds squeezed by volatility in the bond market.
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