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Britain’s new finance minister Hunt reverses tax plan, reins in energy support

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The changes to the planned tax cuts would raise £32 billion every year, Hunt said. Read more at straitstimes.com.

that had sparked market turmoil, and reined in a vast energy subsidy plan, saying the country needed to rebuild investor confidence.

“I remain extremely confident about the UK’s long term economic prospects as we deliver our mission to go for growth,” he said in a televised clip. “But growth requires confidence and stability, and the United Kingdom will always pay its way.” She has been forced to reverse course after markets reacted violently to her plan, hammering the value of the pound and government bond prices and forcing the Bank of England to intervene to protect pension funds.

 

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