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UK PM drops most of his predecessor’s financial plans amid market turmoil

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

Hunt, who was appointed prime minister on Friday after Liz Truss sacked her predecessor after just 38 days, announced plans to tackle the government’s deficit two weeks earlier than planned in a bid to calm markets.

Jeremy Hunt subverts most of the small-budget measures of his predecessor.credit:Getty

He warned that while no government can control the market, any government can “provide certainty about fiscal sustainability.”

The pound gained as much as 2.4 per cent against the US dollar as the prime minister revealed spending and tax plans. This is widely seen as part of the Truss’ fight for political survival amid pressure from major business figures. Conservative MP for her to resign.

Hunt confirmed in a televised address that he would drop most of the tax measures in a disastrous fiscal report on Sept. 23. 500 million) was reduced to national insurance and stamp duty was changed to his £1.5 billion.

He said Britain would “always take that path” and “so this government will make the tough decisions necessary to do so”.

British Prime Minister Liz Truss.

British Prime Minister Liz Truss.credit:bloomberg

Corporate tax will be raised from 19% to 25%, and the 1 percentage point cut in income tax in April will be postponed.

UK PM drops most of his predecessor’s financial plans amid market turmoil

Source link UK PM drops most of his predecessor’s financial plans amid market turmoil

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