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Britain sends investors fleeing with historic tax cuts and borrowing

LONDON (Reuters) -Britain’s new finance minister Kwasi Kwarteng unleashed historic tax cuts and large will increase in borrowing on Friday in an financial agenda that floored monetary markets, sending sterling and British authorities bonds into freefall. Kwarteng scrapped the nation’s high price of revenue tax, cancelled a deliberate rise in company taxes and for the primary time put a price ticket on the spending plans of Prime Minister Liz Truss, who desires to double Britain’s price of financial development. Buyers dumped short-dated British authorities bonds as quick as they might, with the price of borrowing over 5 years seeing its largest one-day rise since 1991, whereas the pound slumped greater than 3% towards the greenback to ranges final seen 37 years in the past.

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