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LONDON—U.K. Prime Minister Liz Truss fired Treasury chief Kwasi Kwarteng and reversed vital components of her government’s tax cuts, after her plans to jolt the monetary system into boom unraveled in fantastic style following a backlash from financial markets and her birthday celebration.
Mr. Kwarteng, who 3 weeks inside the past provided the U.K.’s largest tax cuts for the purpose that Nineteen Seventies, changed into asked to give up by using manner of Ms. Truss as markets balked at the dimensions of the borrowing required to fund the package and her lawmakers protested at the danger of deep public-spending cuts. Mr. Kwarteng’s tenure as chancellor of the exchequer became the second shortest in latest British history. He changed into changed by way of Jeremy Hunt, a party centrist and previous fore secretary.
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