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UK Chancellor of the Exchequer resigns after his policies rocked markets

LONDON – British Prime Minister Liz Truss was propelled to a high position by her bold promises to boost the country’s faltering economy with major tax cuts for businesses, investors and high earners.

It’s not going well. Her premiership and government falter, as markets — and members of her own party — wonder how she can simultaneously cut taxes and maintain social programs without borrowing a lot of money.

On Friday, the architect of its growth plan, Kwasi Kwarteng, announced that he would resign as Chancellor of the Exchequer, Britain’s title for the Chancellor of the Exchequer.

Kwarteng backed out after his policies caused the currency to dwindle and the central bank intervened to calm markets.

In a letter posted on Twitter, Kwarteng wrote that Truss had asked him to resign.

He wrote: “It is important now, as we move forward, to emphasize your government’s commitment to fiscal discipline.

Truss will hold a press conference Friday afternoon, in which she is expected to announce she will scrap parts of her unfunded package of tax cuts.

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