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UK cuts taxes, boosts spending, accelerating pound’s slide

Shoppers at a fruit and vegetable stall in London, Friday, Sept. 23, 2022. Britain's new government on Friday announced a sweeping plan of tax cuts it said would be funded by borrowing and revenues generated by anticipated growth, as part of contentious moves to combat the cost-of-living crisis and bolster a faltering economy. (AP Photo/Kirsty Wigglesworth) A pedestrian passes a shop advertising a sale in London, Friday, Sept. 23, 2022. Britain's new government on Friday announced a sweeping plan of tax cuts it said would be funded by borrowing and revenues generated by anticipated growth, as part of contentious moves to combat the cost-of-living crisis and bolster a faltering economy. (AP Photo/Kirsty Wigglesworth) Pedestrians pass a currency exchange sign outside a shop in London, Friday, Sept. 23, 2022. Britain's new government on Friday announced a sweeping plan of tax cuts it said would be funded by borrowing and revenues generated by anticipated growth, as part of contentious moves to combat the cost-of-living crisis and bolster a faltering economy. (AP Photo/Kirsty Wigglesworth) Pedestrians pass a closing down shop in London, Friday, Sept. 23, 2022. Britain's new government on Friday announced a sweeping plan of tax cuts it said would be funded by borrowing and revenues generated by anticipated growth, as part of contentious moves to combat the cost-of-living crisis and bolster a faltering economy. (AP Photo/Kirsty Wigglesworth) A pedestrian passes an estate agent window in London, Friday, Sept. 23, 2022. Britain's new government announced on Friday a sweeping plan of tax cuts it said would be funded by borrowing and revenues generated by anticipated growth, as part of contentious moves to combat the cost-of-living crisis and bolster a faltering economy. (AP Photo/Kirsty Wigglesworth) Britain's Chancellor Kwasi Kwarteng leaves 11 Downing Street in London, Friday, Sept. 23, 2022. The Chancellor will deliver a mini budget in parliament. (AP Photo/Kirsty Wigglesworth) Britain's Chancellor Kwasi Kwarteng leaves 11 Downing Street in London, Friday, Sept. 23, 2022. The Chancellor will deliver a mini budget in parliament. (AP Photo/Kirsty Wigglesworth) FILE - Shoppers buy food in a supermarket in London, on Aug. 17, 2022. Britain's Conservative government is expected to publish an emergency budget statement Friday, Sept. 23, 2022 outlining how it plans to slash taxes, tame soaring inflation and boost economic growth as a recession looms on the horizon. (AP Photo/Frank Augstein, File) FILE - Britain's Chancellor of the Exchequer Kwasi Kwarteng arrives in Downing Street in London, on Sept. 7, 2022 for the first cabinet meeting since Liz Truss was installed as British Prime Minister a day earlier. Britain's Conservative government is expected to publish an emergency budget statement Friday, Sept. 23, 2022 outlining how it plans to slash taxes, tame soaring inflation and boost economic growth as a recession looms on the horizon. (AP Photo/Alberto Pezzali, File) FILE - British Prime Minister Liz Truss speaks to the media on the occasion of her visit at the Empire State building in New York, on Sept. 20, 2022. Britain's Conservative government is expected to publish an emergency budget statement Friday, Sept. 23, 2022 outlining how it plans to slash taxes, tame soaring inflation and boost economic growth as a recession looms on the horizon. (Toby Melville/Pool Photo via AP, File)