UK chancellor to drop most of predecessor’s fiscal plans amid market chaos

  • 📰 smh
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 80%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Britain’s new Chancellor of the Exchequer, Jeremy Hunt, has announced that “almost all” of the tax cuts set out in the government’s mini-budget less than a month ago will be reversed

.

In a televised address, Hunt confirmed that he would drop most of the tax measures in the disastrous fiscal statement of September 23 — which sent the pound plummeting to 40-year lows and borrowing costs soaring - apart from a £13-billion cut to national insurance and £1.5 billion in stamp duty changes.

Hunt has said he will also water down the government’s energy price guarantee - a package estimated to be worth at least £150 billion to limit average energy bills to £2500. He said it would now provide universal support until April, but support after would then be scaled back and targeted.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

The divisions within the same political party is astounding. No policy is what it is.

The next reversal - mere weeks away, if not days - involves the Prime Minister being hauled out of office. Maybe next time don’t let the PM be chosen by little more than a mid-sized conference centre of rabid, xenophobic, Daily Mail reading party members? A GE NEEDS CALLED. NOW.

Strong and Stable

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines