UK’s Truss reverses plan to cut corporation tax

LONDON: British Prime Minister Liz Truss abandoned plans to cut corporate taxes, removing a key part of the economic plan that had caused weeks of market and political turmoil.
Truss said at a hastily arranged news conference on Friday that she was acting to “reassurance to the market about our fiscal discipline.”
Truss also opened fire Kwasi Kwarteng as Treasurer on Friday, replace him with Room minister, pastor Jeremy Hunt.
Truss is trying to restore order after three weeks of chaos due to the government’s “small budget” cuts.
The September 23 statement sent the pound plunging to a record low against the dollar and led to Bank of England to prevent a broader economic crisis.
Truss vowed to continue with other aspects of his economic plan, saying, “I want low taxes, high wages, a high growth economy.”
Truss, a free-market libertarian, came to power last month, pledging tax cuts to spur growth. But her ability to make that commitment is now in doubt.


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