The U.K. government has U-turned on one part of a plan to make major tax cuts after markets reacted violently to it. WSJ's Max Colchester explains why the government's attempt to boost growth did the opposite. Further Reading: - U.K. Markets Turmoil Puts Spotlight on New Chancellor Kwasi Kwarteng  - U.K.’s Central Banker Struggles With Inflation, a Financial Crisis and His Own Government  Further Listening: - The U.K.'s New Prime Minister Faces an Economic Crisis  - The Pros and Cons of a Strong U.S. Dollar  Learn more about your ad choices. Visit megaphone.fm/adchoices