Britain's new finance chief Jeremy Hunt on Monday axed debt-fuelled tax cuts to further calm market turmoil, in another major government U-turn that appears to leave Liz Truss's position as prime minister in a precarious state.
Hunt estimated that the tax changes would raise about £32 billion ($36 billion) per year, after economists estimated the government faced a £60-billion black hole in the public finances. He also warned of spending cuts.
