Jeremy Hunt, the U.K.'s new chancellor of the Exchequer, said Monday he was reversing "almost all" of a controversial economic plan as he attempts to calm markets and stabilize Prime Minister Liz Truss' government.
Why it matters: The plan — which would've cut around $48 billion worth of taxes if implemented in full — shook the British economy and, at one point, sent the pound to a record low against the dollar.
