#UK: Truss U-turns On Plan To Lower Corporate Taxes, Fires Chancellor

[world politics news]

Prime minister Liz Truss has abandoned one of the key planks of her “mini” Budget, ditching plans to keep the corporation tax rate down. And she has fired chancellor Kwasi Kwarteng after just 38 days on the job, after his announcement of her plan caused panic in the London stock market.

“People across this country rightly want stability,” she said, adding: “It is clear that parts of our ‘mini’ Budget went further and faster than markets were expecting.”

[FULL STORY HERE]

World Politics News is dehttps://www.bbc.co.uk/programmes/w172yfc6f2wr0xxdicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#UK: Tax Cut Pledge Blamed For Temporary Pound Collapse

[world politics news]

The market’s verdict on the £220 billion policy blitz set out by UK Chancellor Kwasi Kwarteng was swift and devastating Tuesday. 

His pledge to cut taxes was blamed by financial experts for the sudden drop in the UK currency, the Pound, against the US dollar. The currency recovered it's value later in the day, a fact not generally reported by the mainstream media.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#UK: Business Secretary Blames Capitalism For Climate Change

[world politics news]

Kwasi Kwarteng, the business secretary in the Conservative's cabinet, has blamed the capitalist free market for global warming and said that governments around the world have a duty “to legislate and intervene” to protect the environment.

Kwarteng, who was once seen as being on the right of the Conservative Party, said there had been a “market failure” over climate change.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.