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LONDON — Embattled British Prime Minister Liz Truss sacked her Treasury chief and reversed course on a major part of her tax-cutting economic plan Friday as she struggled to hang on to her job after weeks of turmoil on financial markets. But the market response was muted and the political reaction to what many saw as panicked moves left Truss' credibility in tatters after only six weeks in office.
That sent the pound plunging to a record low against the dollar and forced the Bank of England to step in to prevent a wider economic crisis.But her brief, downbeat news conference is unlikely to have reassured Truss’ Conservative Party that she is in control. The next big test for Truss will come Monday when trading resumes on financial markets. The Bank of England on Friday ended its emergency intervention to stabilize long-term bond prices and protect pensions funds.
A small-state, low-tax Conservative who patterns herself after 1980s Prime Minister Margaret Thatcher, Truss argued that cutting taxes, reducing red tape and courting investment would spur economic growth and generate more revenue to pay for public services.
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