The UK’s new government said on Wednesday it would not reverse its vast tax cuts or reduce public spending as it sought to stand firm in the face of yet more turmoil in financial markets and concerns over its change in economic policy. British financial markets have been under strain since 23 September when Chancellor Kwasi Kwarteng announced £45 billion ($50 billion) of tax cuts, without saying how they would be paid for. The Institute of Fiscal Studies think-tank has said the strategy will require £62 billion of spending cuts or tax rises to stop the public debt growing – a daunting proposit…