British Treasury chief scraps nearly all government tax cut plans
U.K. Treasury chief Jeremy Hunt on Monday reversed most of an economic package announced by the government just weeks ago, including a planned cut to income tax.
In a bid to soothe turbulent financial markets, Hunt said he was scrapping “almost all” the tax cuts announced last month and signalled public spending cuts are on the way. Hunt said a planned 1 percentage point cut to the basic rate of income tax that had been due to take effect next year won’t happen. He also scaled back a cap on energy prices designed to help households pay their bills. It will now be reviewed in April rather than lasting two years., who spent less than six weeks in the Treasury job. Truss and Kwarteng jointly came up with a Sept.
Monday’s hastily scheduled announcement came two weeks before Hunt is due to set out a medium-term fiscal plan. British Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng on Friday and scrapped parts of their economic package in a desperate bid to stay in power and survive the market and political turmoil gripping the country.
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