News > Britain’s week of market turmoil and the tax cut reversal
Britain’s week of market turmoil and the tax cut reversal
The Hindu | 04/10/2022 02:59 PM | Click to read full article
On Monday, October 3, PM Liz Truss was forced to reverse plans to bring in Britain’s highest tax cuts in 50 years, after a “minibudget” presented by her FM Kwarteng set in motion a tumultuous week for the country’s markets.
Notably, the IMF rebuked the government’s new tax plans last week, cautioning that they were likely to increase inequality and drive up inflation.
