Wall Street

UK tax cuts deepen selloff, dollar soars and bonds plunge

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Reuters UK

By Amanda Cooper and Tommy Wilkes LONDON (Reuters) – Stocks hit two-year lows on Friday, the dollar scaled a two-decade high and bonds sold off again as investors feared bigger interest rate rises are on their way to tame inflation, while UK assets plunged after huge debt-financed tax cuts were announced. UK assets were already weaker but extended their fall after Britain’s new finance minister unveiled an historic tax-cutting agenda that will see government borrowing soar. UK bond yields were set for their biggest daily rise in decades, and money markets were pricing in Bank of England intere…

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