Financial turmoil hit Britain and sent shock waves through the global financial market, just weeks after Britain’s new prime minister Liz Truss took office.
On Sept. 23, Britain’s Chancellor of the Exchequer, Kwasi Kwarteng, announced the country’s most radical package of tax cuts in nearly 50 years, calling it a “new era” for the British economy. The package included a cut to the top rate of income tax for high-income earners and cuts to income tax and stamp duty on home ownership.
