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U.K. Government Goes Full Tilt on Tax Cuts and Free-Market Economics

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LONDON — Britain’s new prime minister, Liz Truss, gambled on Friday that a heavy dose of tax cuts, deregulation and free-market economics would reignite her country’s growth — a radical shift in policy that unnerved global investors already rattled by an energy crisis, surging inflation and the specter of widespread recessions.The British announcement came as markets around the world have been tumbling for weeks in response to higher interest rates and recession fears. The slide continued on Friday with the S&P 500 index falling close to its lowest point of the year and markets across Europe tumbling.The move by Ms. Truss’s government indicated a sharp break with the previous prime minister, Boris …

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