The British government officially backtracks on plans to cut taxes
British Chancellor of the Exchequer Jeremy Hunt on Monday called off plans to cut government taxes that had roiled markets and plunged the pound to a record low against the dollar.
Hunt, who was appointed finance minister, said on Friday, in a televised conference, that he had canceled all financial plans and tax cuts announced about three weeks ago.
This comes, after weeks of a deterioration in the financial markets in the United Kingdom with the announcement of the tax plan, at a time when the pound fell to its lowest historical level to 1.06 US dollars, before recovering later.
According to Hunt, “the budget announced by his predecessor, Kwasi Quarting, last month, damaged the general financial situation”.
On Friday, British Prime Minister Liz Truss dismissed Finance Minister Kwasi Quarting, just 38 days after his appointment.
