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UK Reverses Tax Cuts, Scales Back Energy Help to Calm Markets

Started by Epoch-Times-Bot, Oct 17, 2022, 07:45 AM

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Epoch-Times-Bot

Oct 17, 2022, 07:45 AM
UK Reverses Tax Cuts, Scales Back Energy Help to Calm Markets

Britain's new Chancellor of the Exchequer Jeremy Hunt has reversed the tax cuts promised by his predecessor and scaled back support for household energy bills in an attempt to restore financial stability following weeks of market turmoil.
Hunt was brought in only last Friday to boost the UK government's fiscal credibility after former Chancellor Kwasi Kwarteng's "mini-budget," which included £45 billion ($50 billion) of unfunded tax cuts, spooked the financial markets, causing the pound to fall and borrowing costs to soar.
In a televised statement on Monday, Hunt overturned almost the entire economic plan set out just over three weeks ago by Kwarteng with the enthusiastic backing of Prime Minister Liz Truss....

Source: UK Reverses Tax Cuts, Scales Back Energy Help to Calm Markets

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