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The Independent UK
The Independent UK
National
Stuti Mishra

Pound bounces back in Asia trading after Liz Truss’s tax plan U-turn

Liz Truss Asia Kwasi Kwarteng
AFP/Getty

Pound sterling rose to an almost two-week high on Tuesday, boosted by the UK government’s U-turn on controversial plans for tax cuts.

Sterling rose 0.08 per cent to $1.1333, up about 10 per cent from the record low against the dollar seen last week following chancellor Kwasi Kwarteng’s mini-Budget announcement of scrapping the highest rate of income tax, with cuts funded by increased borrowing.

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