U.K. Prime Minister Liz Truss Fires Treasury Chief, U-Turns on Taxes - The Wall Street Journal

LONDON—U.K. Prime Minister Liz Truss fired Treasury main Kwasi Kwarteng and reversed important parts of her government’s taxation plan, a large setback for the caller person aft her program to jolt the system into maturation unraveled successful spectacular manner pursuing a backlash from fiscal markets and her party.  

Mr. Kwarteng, who conscionable 3 weeks agone presented the U.K.’s largest taxation cuts since the 1970s, was asked to discontinue by Ms. Truss arsenic markets balked astatine the standard of the borrowing required to money the bundle and her lawmakers protested astatine the imaginable of heavy public-spending cuts. Mr. Kwarteng became the second-shortest-serving chancellor of the exchequer successful caller British history. He was replaced by Jeremy Hunt, a enactment centrist and erstwhile overseas secretary.