British Prime Minister Liz Truss has abandoned a planned cut to corporation tax, scrapping a key part of an economic plan that sparked weeks of market and political turmoil.
Truss said at a hastily arranged news conference Friday that she was acting to "reassure the markets of our fiscal discipline."
The Sept. 23 statement sent the pound plunging to record lows against the dollar and led the Bank of England to step in to prevent a wider economic crisis. But market reaction was muted to his ouster, as investors had already baked in the notion that the government would back down on some of its key proposals.
Senior members of the Conservative Party were publicly advising the government to take action. The pound rose as much as 1.7% against the dollar on Thursday and bond markets stabilized amid expectations that Truss would revise the economic growth plan.
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