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Business Chiefs Criticize UK Chancellor’s Tax Cuts

Sept. 28, 2022, 1:37 PM

Senior business figures have criticized the UK government’s round of tax cuts which triggered a sharp drop in the pound and convinced the Bank of England to intervene amid volatility in the markets.

Mike Rake, a former chairman of BT Group Plc and easyJet Plc, said there was “grave concern that this policy is in danger of further damaging our reputation and our economy.”

Rake was commenting Wednesday morning before the BOE announced that it would buy long-dated government bonds, reversing the previous course on which it was due to start selling bonds -- a process known as quantitative tightening ...