New chancellor prepares to anounce measures to support fiscal sustainability in attempt to calm volatile markets; pound gains a cent
UK investors brace for another week of market turbulence
Steven Swinford of The Times reports that Liz Truss and Jeremy Hunt have agreed to defer the 1p cut in the basic rate of income tax until 2024.
Former chancellor Kwasi Kwarteng had announced in the mini-budget that the basic rate of income tax would be cut from 20% to 19% from April 2023, a year early, to help with the cost of living crisis.
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