U.K.'s Liz Truss Drops Tax Cuts, Axes Treasury Chief Amid Turmoil

Watch VideoEmbattled British Prime Minister Liz Truss sacked her Treasury chief and reversed course on sweeping tax cuts Friday as she tried to hang on to her job after weeks of turmoil on financial markets.

At a hastily arranged news conference, Truss said she was acting to "reassure the markets of our fiscal discipline" by...