Pound Bucks a Global Market Selloff With Rally Back to $1.12

UK officials at No. 10 and the Treasury are discussing how they can back down from the package of tax cuts, according to a person familiar with their conversations. The officials are drafting options for Truss but no final decision has been taken and they are waiting for Kwarteng to return to London from Washington, the person said, asking not to be identified commenting on private discussions.

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