UK PM Britain Decides to Hike Taxes
Britain will raise taxes and cut public spending on Thursday in a government budget that shows a return to the deficit despite the cost of living crisis and the core of the recession.
According to APP, Conservative UK PM Rishi Sunak, who took office just three weeks ago, has promised to fix the economic problems caused by his short-lived predecessor Liz Truss.
Although energy costs and food prices in the UK are known to be at 40-year highs and interest rates are rising, the budget is seen as triggering a new era of austerity, such as that which followed the global financial crisis of 2008.
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Chancellor of the Exchequer Jeremy Hunt will present his all-important budget to MPs, with government hikes and inflation forecasts unlikely to favor the Brexit economy and costly government aid during the pandemic Covid. “Fighting inflation is my top priority and that guides our tough tax and spending decisions,” Hunt said Tuesday.
“Restoring stability and reducing debt is our only option to reduce inflation and limit rising interest rates,” he added after government data showed rising unemployment in the UK. Chancellor of the Exchequer Hunt is expected to unveil tax rises and cuts worth £60bn ($70.5bn) to reduce debt, according to media reports.
