British pound trends upward amid UK officials scrapping tax rate plan

British officials have opted to quash plans to cut taxes for the wealthy after garnering heavy backlash, sending the British pound upward.

Video transcript

RACHELLE AKUFFO: Across the pond, let's get you up to speed on the UK. The pound starting to climb back up against the dollar after British Prime Minister Liz Truss reversed course. Now, British Finance Minister Kwasi Kwarteng's plan or mini budget to cut taxes and regulations that were funded by heavy government borrowing was widely criticized, leaving markets in turmoil, sending the pound crashing and the Bank of England scrambling to buy bonds or gilts in order to prop up the economy. We're also seeing the FTSE up slightly today, as Kwarteng said he will unveil more detailed medium term fiscal plans shortly ahead of a full budget announcement that's coming up next month. Dave.