British Prime Minister Liz Truss sacked her Treasury chief and reversed course on sweeping tax cuts Friday as she hangs on to her job.
At a hastily arranged news conference, Truss said she was acting to “reassure the markets of our fiscal discipline” by keeping a planned increase in corporation tax that she previously said she would cut. Truss also fired Kwasi Kwarteng as Treasury chief, replacing him with former Cabinet minister Jeremy Hunt.From our newsroom to your inbox at noon, the latest headlines, stories, opinion and photos from the Toronto Sun.
Truss had been under intense pressure to scrap some of the 43 billion pounds in unfunded tax cuts that roiled financial markets and led the Bank of England to step in to prevent a wider economic crisis.tap here to see other videos from our teamSenior members of the Conservative Party were publicly advising the government to take action. The pound rose as much as 1.7% against the dollar on Thursday and bond markets stabilized amid expectations that Truss would revise the economic growth plan.
“The risk now is that investors have forgotten that there are significantly more problems than just an ill-advised and ill-timed fiscal easing to deal with,” he said.Article content
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