Truss says corporate tax cut plan to be reversed as she pledges further spending cuts


U.K. Prime Minister Liz Truss reversed the mini budget plan on corporate taxes in a decision she framed as one that will promote economic stability. Truss said that will raise £18 billion each year and act as a down payment on its fiscal plan, and said that spending will grow less rapidly than previously planned. Truss reiterated the fiscal plan is set to be released at the end of October, along with an independent budget assessment. Truss said she was sorry to see Kwasi Kwarteng leave as chancellor of the exchequer but that Jeremy Hunt shares her economic vision. “We need to act now to reassure markets of our fiscal discipline,” she said.

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