Britain’s budget bomb still ticking despite tax U-turn ...Qatar

Prime Minister Liz Truss’s U-turn on abolishing Britain’s top rate of income tax may be only a first step on the path to restoring fiscal credibility, with investors warning that the government still needs to show that it can afford its plans. On the face of it, Britain’s financial markets look in better shape than last week, when the pound crashed to a record low against the US dollar and government bonds tanked in response to finance minister Kwasi Kwarteng’s economic plans. The BoE had to step in on Wednesday to restore order to Britain’s long-dated government bond market, which seized up when pension funds rushed to raise cash amid the turbulent market reaction to Kwarteng’s Sept 23 “mi

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