U.K. Treasury Chief Jeremy Hunt Looks to Reassure Markets With New Tax Plan

LONDON—New U.K. Chancellor Jeremy Hunt is due to reverse several proposed tax cuts Monday as he moves to scrap Prime Minister Liz Truss’s debt-fuelled growth plan and reassure markets about the stability of the nation’s finances.

Investors welcomed the announcement, with the price of 10-year U.K. government bonds rising early Monday, pushing yields down to 4.065% from 4.317% at Friday’s close, according to Tradeweb. The pound was also up 0.4% against the dollar at $1.1258.