LONDON—The U.Okay.’s new chancellor, Jeremy Hunt, successfully scrapped Prime Minister Liz Truss’s signature tax-cutting plan, saying on Saturday that some levies must rise and public-spending cuts would should be made to revive market confidence within the British economic system.
Mr. Hunt stated that Ms. Truss had made errors with her plan to boost growth by borrowing cash to fund the most important tax cuts for the reason that Nineteen Seventies, measures that spooked the markets and despatched the Conservative Social gathering crashing within the polls.
