U-turn in UK – New minister returns all tax plans

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Just a month and a half after Prime Minister Liz Truss took office, the British government cashed in on its tax plans. Treasury Secretary Jeremy Hunt, who has only been in office since Friday, said on Monday that nearly all of the measures announced nearly four weeks ago would be rolled back. This will refrain from taking on new debt to fund tax cuts. The basic rate of 20 percent will be maintained.

The main goal of the government is economic stability. Hunt also announced tax changes that would bring the state an additional £32 billion in annual revenue. In addition, the finance minister said the cap on consumer energy prices should only apply until April. After that, it is necessary to look for ways to help the weakest households.

Truss had fired former finance minister Kwasi Kwarteng on Friday. He is seen as a pawn sacrifice to save the prime minister. Kwarteng had partnered with Truss on the multi-billion dollar tax cuts and high spending to curb energy prices that had a devastating impact on markets. The central bank felt compelled to intervene by buying bonds to reassure investors.

Source: Krone

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