U.K.’s Sweeping Tax Cuts Send Pound Tumbling, Yields Higher

LONDON—The British government unveiled the biggest tax cuts since the early 1970s in a bold bet to jolt the U.K.’s inflation-stricken economy into growth, prompting a slide in the pound and a jump in government bond yields.

In one of the largest shifts in British economic policy in decades, U.K. Chancellor of the Exchequer Quasi Quarteng said the government would cut payroll taxes, freeze corporation tax, ditch a cap on banker bonuses and spend billions to subsidize energy bills over the next two years.

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