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U.K.’s Sweeping Tax Cuts Send Pound Tumbling, Yields Higher
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wsj.comLONDON—The British government unveiled the biggest tax cuts since the early 1970s in a bold bet to jolt the U.K.’s inflation-stricken economy into growth, prompting a slide in the pound and a jump in government bond yields.
In one of the largest shifts in British economic policy in decades, U.K. Chancellor of the Exchequer Kwasi Kwarteng said the government would cut payroll taxes, freeze corporation tax, ditch a cap on banker bonuses and spend billions to subsidize energy bills over the next two years.
Read more on wsj.comAbout this in other media
Kwasi Kwarteng admits tax plans caused ‘a little turbulence’ theguardian.com /1 year ago
Kwarteng’s tax U-turn was inevitable – and he has already done damage theguardian.com /1 year ago
Tax cuts funded on backs of poor ‘morally indefensible’, say campaigners theguardian.com /1 year ago
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