Britain’s Treasury chief says he’s increasing the windfall tax on the profits of oil and natural gas companies as he announced an emergency budget aimed at restoring the nation’s economic credibility and patching up its battered finances
Just three weeks after taking office, British Prime Minister Rishi Sunak faces the challenge of balancing the nation’s budget while helping millions of people slammed by a cost-of-living crisis
LONDON (AP) Pledging to face an economic storm , Britain's new government is set to offer an emergency budget featuring tens of billions in spending cuts and tax increases Thursday as it seeks to restore the U.K.'s economic credibility and patch up the nation's battered finances.
U.K. Treasury chief Jeremy Hunt has pledged help to the most vulnerable weather Britain’s cost-of-living crisis, even as he announced a raft of spending cuts and tax increases designed to mend the country’s battered finances. Hunt promised Thursday to spend billions pounds on programs including welfare benefits, government pensions and help for low-income residents struggling to pay their energy bills. He says that while difficult decisions are needed to restore Britain’s economic credibility those who rely on the government should not suffer. Pensioners also were protected. Britain’s inflation rate accelerated to 41-year high in October, fueling calls for the government to do more to ease the impact of rising food, energy and housing prices.
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