BusinessUSA

Sweeping UK tax cuts send the pound plummeting and bond yields rising

LONDON—The British government has unveiled the country’s biggest tax cuts since the early 1970s, the boldest move by an industrialized country to boost growth at a time when stubbornly high inflation looms over the global economy. .

Financial markets reacted negatively, driving the pound lower and government bond yields rising sharply, underscoring the tough choices facing governments in the face of a toxic combination of low growth and high inflation.

wsj

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