U.K. Chancellor of the Exchequer Rishi Sunak is mulling an emergency cut to the country’s value-added tax, The Sunday Times reported. Sunak has asked officials to prepare various options to lower the sales tax, including reducing the headline rate and zero rating more products for a fixed term, the report said. He could make the announcement in a speech scheduled in early July. The move comes as U.K. government debt rose above 100% of gross domestic product in May for the first time since 1963, reflecting a sharp drop in economic output. Prime Minister Boris Johnson has said the government is looking at various ways ... (full story)