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LONDON: Britain's new finance chief Jeremy Hunt on Monday axed debt-fuelled tax cuts to further calm market turmoil, in another major government U-turn that appears to leave Liz Truss's position as prime minister in a precarious state.
The UK's newly appointed finance minister Jeremy Hunt backtracked on tax cuts announced just weeks ago, in an emergency statement aimed at soothing markets.
Britain's new finance minister Jeremy Hunt will unveil tax and spending measures later Monday, bringing forward part of his fiscal plan to calm markets after a botched debt-fuelled budget.