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

Britain's Prime Minister Liz Truss attends a press conference in the Downing Street Briefing Room in central London October 14, 2022, following the sacking of the finance minister in response to a budget that sparked markets chaos. [AP Photo]

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.