Business

Markets took fright at the British government’s announcement of huge tax cuts. The cuts, laid out by Kwasi Kwarteng, the new chancellor of the exchequer, include reductions to payroll taxes, income taxes and stamp duty. Investors were perturbed by the amount of borrowing required to pay for the cuts, the biggest for half a century. Mr Kwarteng had disregarded common practice by not asking the Office for Budget Responsibility, an independent watchdog, for its assessment. The Treasury tried to reassure markets by announcing that he would unveil a medium-term fiscal plan, but not until November 23rd.