UK Finance Minister makes U-turn on tax cut plan

Kwasi Kwarteng, the UK's Finance Minister, has made a dramatic U-turn on the proposed tax cut for the highest earners, saying 'we've decided not to proceed with the abolition of the rates… we're listening.'

Following the news, the pound, which suffered a huge slump after it was announced the cuts would be funded by an increase in borrowing, has bounced back against the dollar to levels before the proposal.

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