UK PM Liz Truss reverses plan to cut corporation tax
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British Prime Minister Liz Truss has abandoned a planned cut to corporation tax, scrapping a key part of an economic plan that sparked weeks of market and political turmoil. Truss said at a hastily arranged news conference Friday that she was acting to "reassure the markets of our fiscal discipline". Truss also fired Kwasi Kwarteng as Treasury chief on Friday, replacing him with former Cabinet minister Jeremy Hunt.