UK’s Truss drops tax cuts, axes Treasury chief amid turmoil

Embattled British Prime Minister Liz Truss sacked her Treasury chief and reversed course on a major part of her tax-cutting economic plan Friday as she struggled to hang on to her job after weeks of turmoil on financial markets. But the market response was muted and the political reaction to what many saw as panicked moves left Truss’ credibility in tatters after only six weeks in office.

At a hastily arranged news conference, Truss said she was acting to “reassure the markets of our fiscal discipline” by ditching her pledge...