U.K. finance minister says tax hike, spending cuts necessary to fix public finances

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U.K. finance minister says tax hike, spending cuts necessary to fix public finances
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Finance minister Jeremy Hunt says the budget deficit which has soared after the COVID-19 pandemic and Russia’s invasion of Ukraine needs to be brought down

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“You don’t want to do things that make any recession that you may be in worse,” Hunt told Sky News on Sunday.

The Sunday Times said Hunt planned to tackle a 55 billion-pound hole in Britain’s budget by freezing thresholds and allowances on income tax, national insurance, inheritance tax and pensions for a further two years. Asked about spending cuts, Hunt said a strong economy needed good public services and cuts would be made in “balanced way”.“I’m arguing for two things: both fairer choices on taxes, but also crucially, a plan for growth,” she told Sky News.

He also said he would set out a long-term plan for energy after Russia’s invasion of Ukraine led to a surge in gas prices which has forced the government to spend tens of billions of pounds to shield households from the worst of the surge.

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