After a bruising three-week battle with bond markets, UK Prime Minister Liz Truss admitted defeat on Friday. She fired her finance minister and gutted her economic program by promising to reinstate a big tax hike on corporations.

Truss said she acted in the national interest to ensure economic stability and to “reassure the markets of our fiscal discipline.” But it remains unclear whether Truss has done enough to persuade skeptical investors, and Friday’s announcement did nothing to calm speculation about whether she can hold on to her job.

The price of 30-year UK government debt, which has been whipsawed in recent weeks, fell after the press conference. The British pound, which had gained ground in recent days on talk of a government rethink, fell 1% to trade at $1.12.

“What the markets want to see is a coherent picture, how it all fits together,” said Charlie Bean, former deputy governor at the Bank of England. “In the absence of that, you’re going to see sterling and gilts coming under pressure again.”

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