UK announces $49B in tax cuts sending pound crashing

British Chancellor Kwasi Kwarteng unveiled Friday a mini-budget in parliament comprised of a debt-financed package of £45 billion ($49 billion) in tax cuts — the biggest round in 50 years.

Kwarteng told parliament his fiscal statement was “one of the most significant interventions the British state has ever made,” and the package would “turn the vicious cycle of stagnation into a virtuous cycle of growth.”

“This is a new approach for a new era focused…

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Written by Bourbiza Mohamed

I have 26 years of experience as a professional writer and editor and have been working as a full time freelancer since 2011. I am originally from Casablanca, Morocco, and I graduated from Qatar University with a degree in journalism. I have worked for newspapers, magazines, news agencies, websites. I speak fluent Arabic, French, English, Russian and Spanish.

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