British government performs major U-turn on tax cuts. But markets are far from convinced
2022-10-15 09:28:27 source：CNBC
October 14, 2022
LONDON — A major reshuffle and the scrapping of a key tax-cutting pledge by U.K. Prime Minister Liz Truss on Friday wasn't enough to placate markets with the pound and government bonds continuing to sell off.
At a hastily-arranged news conference, Truss reversed plans to scrap an increase in U.K. corporation tax — the second backtrack on her controversial “mini-budget” which has roiled markets since it was announced on Sept. 23.
Hours before Friday’s announcement, Truss sacked her finance minister, Kwasi Kwarteng, and replaced him with Jeremy Hunt, making Kwarteng the second shortest-serving chancellor on record.
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