The new British Chancellor of the Exchequer has scrapped almost all of the measures announced by Truss.
British Chancellor of the Exchequer, Jeremy Huntannounced this Monday that it is canceling its planned cut from 20 to 19% from April in the income tax base bracket, in order to reduce government debt and calm markets.
Aid to limit the price of energy bills for businesses and households introduced this month and expected to last for two years will also be limited at the start of the new fiscal year in April, the minister said in a televised speech.
Hunt took office last Friday to replace Kwasi Kwarteng, who was fired by Conservative Prime Minister Liz Truss, after her Sept. 23 presentation of a fiscal plan with no details on how it would reduce debt-driven chaos in financial markets.
The new minister said today that the drastic changes to that plan, worth around £32bn (€37bn) a year, aim to “ensure financial stability and instill confidence in the government’s commitment to fiscal discipline.
The pound rose and UK government debt rates fell after Hunt’s statement dismantled the ‘growth plan’ of Truss, whose political future is now at stake from opposition within and outside his party.
The conservative leader announced Kwarteng’s departure on Friday and backtracked on her decision to freeze the corporate tax rate, saying it will rise from 19% to 25% in April, except for small businesses, as arranged by the previous government.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
