Rishi Sunak eyes as much as £50 billion of UK spending cuts, tax rises https://ift.tt/d05ryut

Britain's new premier is trying to restore calm to the financial markets after his predecessor, Liz Truss, sparked turmoil during her 7-week tenure with a massive package of unfunded tax cuts that tanked the pound to an all-time low against the dollar and sank the gilts market. Sunak and Hunt on Wednesday delayed a planned economic statement to Nov. 17 from Oct. 31 to give them more time to make what the premier described as the "right decisions" to manage the British economy.