Experts: UK Financial Turmoil Could Be Contagious; Pandemic Is Root Cause

Experts: UK Financial Turmoil Could Be Contagious; Pandemic Is Root Cause
Chancellor of the Exchequer Kwasi Kwarteng (L) and Britain's Prime Minister Liz Truss watch a tribute to Queen Elizabeth II on the opening day of the annual Conservative Party conference in Birmingham, England, on Oct. 2, 2022. Leon Neal/Getty Images
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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.
Jenny Li
Jenny Li
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Jenny Li has contributed to The Epoch Times since 2010. She has reported on Chinese politics, economics, human rights issues, and U.S.-China relations. She has extensively interviewed Chinese scholars, economists, lawyers, and rights activists in China and overseas.
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