UK Chancellor ‘Confident’ Tax-Cutting Plan Will Work Despite Market Turmoil
The UK’s Chancellor of the Exchequer Kwasi Kwarteng has said he remains “confident” his strategy of boosting economic growth through tax cuts will work, as he seeks to reassure investors following two days of turmoil in the financial markets.
The British pound on Monday plunged by more than 4 percent to just $1.03, an all-time low, before it stabilised to about $1.08 on Tuesday.
It came after Prime Minister Liz Truss’s new government unveiled the biggest package of tax cuts in half a century, which was aimed at spurring growth in the UK economy but caused panic among investors concerned about the increased government borrowing….