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

By DANICA KIRKA, JILL LAWLESS and SYLVIA HUI
Associated Press

LONDON (AP) — Britain’s new government has announced a sweeping plan of tax cuts it said would be funded by borrowing and revenue generated by anticipated economic growth. Friday’s announcement is part of a series of high-risk moves to combat a cost-of-living crisis and bolster a faltering financial picture. But Treasury chief Kwasi Kwarteng offered few details on the cost of the program and its impact on the government’s own targets for reducing deficits and borrowing. The two-pronged approach offers short-term help for homes and businesses struggling with soaring energy costs while betting that lower taxes and reduced red tape will spur economic growth and increase tax revenue in coming years. Critics attacked the plan for favoring business interests over working people.