Liz Truss takes u-turn, scraps tax cut for wealthy that sparked market turmoil in UK

Liz Truss takes u-turn, scraps tax cut for wealthy that sparked market turmoil in UK

Liz Truss took office less than a month ago, promising to radically reshape Britain's economy to end years of sluggish growth. But the government's September 23 announcement of a stimulus package that includes 45 billion pounds (USD 50 billion) in tax cuts, to be paid for by government borrowing, sent the pound tumbling to a record low against the dollar.