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Britain’s new Treasury chief will announce details of his tax and spending plans Monday, two weeks ahead of schedule, in a bid to calm markets roiled by the government’s economic policies.
Chancellor of the Exchequer Jeremy Hunt is expected to ditch more of the measures announced by the government of Prime Minister Liz Truss on Sept. 23.
Truss drafted Hunt in on Friday after she fired his predecessor, Kwasi Kwarteng. Plans by Truss and Kwarteng for 45 billion pounds ($50 billion) in tax cuts – including an income tax reduction for the highest earners — without an accompanying assessment of how the government would pay for them sent the pound plunging to a record low against the U.
