Pound rockets as UK rips up budget, US stocks gain


Chancellor of the Exchequer Jeremy Hunt axes almost all of the debt-fuelled tax cuts unveiled last month, reassuring markets that had tanked and pushing the pound up against the US dollar. – EPA pic, October 18, 2022.

THE pound surged against the US dollar yesterday as Britain’s fourth finance minister in as many months sensationally ripped up a tax-cutting budget that had spooked markets.

Chancellor of the Exchequer Jeremy Hunt axed almost all of the debt-fuelled tax cuts unveiled last month by the new government of Prime Minister Liz Truss, reassuring markets that had tanked and pushing the pound up against the dollar.


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