Sweeping UK tax cuts sink pound, boost yields

LONDON — The UK government has unveiled the biggest tax cuts since the early 1970s in a bold gamble to revive Britain’s inflation-plagued economy, sending the pound plummeting and bond yields rising of state.

In one of the most significant shifts in British economic policy for decades, Britain’s Chancellor of the Exchequer Kwasi Kwarteng said the government would cut payroll taxes, freeze corporation tax, scrap the cap on bankers’ bonuses and spend billions to subsidize energy bills over the next two years.


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