LONDON - British finance minister Jeremy Hunt announced a string of tax increases and tighter public spending in a budget plan on Thursday that he said was needed after the blow dealt to the country's fiscal reputation by former prime minister Liz Truss. Outlining a 55-billion-pound plan - almost half from tax rises - to fix the public finances, Hunt said the economy was already in recession and set to shrink next year as it struggles with inflation forecast to average 9.1 percent this year and 7.4 percent in 2023. Britain's budget watchdog said rising prices would further erode people's wages and reduce living standards by 7 percent by April 2024 - the year a national election...
Keep on reading: Jeremy Hunt hikes taxes, squeezes spending to restore markets’ faith in UK
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Keep on reading: Jeremy Hunt hikes taxes, squeezes spending to restore markets’ faith in UK
from INQUIRER.net https://ift.tt/LCpDrKb
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