UK Markets Tumble as Reeves Tax U-Turn Fuels Budget Jitters

UK markets were plunged into fresh volatility as speculation about the budget heightened uncertainty over the nation’s finances.

A series of mixed messages about UK tax policy led to wild swings in gilts and the pound on Friday. At the heart of the moves were growing questions over the government’s ability to address the UK’s growing debt pile. It has to balance this against its pre-election promises to voters and a need to keep the support of its rank-and-file lawmakers.