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UK’s Biggest Tax Cuts Since 1972 Trigger Crash in Pound, Bonds

  • Package costing £161 billion is aimed at stimulating economy
  • Economists say measures will add to inflation and debt
Bloomberg business news
WATCH: Highlights of UK Chancellor of the Exchequer Kwasi Kwarteng’s announcements.Source: Bloomberg
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Liz Truss’s new British government delivered the most sweeping tax cuts since 1972, slashing levies on rich households and companies in a bid to boost economic growth in a move that triggered a massive market selloff in UK assets.