New UK finance minister Jeremy Hunt has soothed investors by reversing most of Prime Minister Liz Truss’s “growth plan”. But he still needs extra tax hikes or spending cuts. Persuading parliament to support the switch will be a challenge, says pierrebri
New Chancellor of the Exchequer Jeremy Hunt leaves 10 Downing Street in London, Britain, October 14, 2022. REUTERS/Henry Nicholls/File Photo
The fiscal U-turn Hunt outlined on Monday was unprecedented, reneging both in detail and spirit on theby former finance minister Kwasi Kwarteng just over three weeks ago. Gone are lower taxes for companies and people on higher incomes. A previous plan to lower the bottom tax rate to 19% from 20% is also gone “indefinitely”. By the tax year ending in April 2027 this should help the government32 billion pounds of the 45 billion pounds a year Kwarteng and Truss had planned.
Hunt said changes to planned tax cuts would raise 32 billion pounds every year, compared with the growth plan laid out by his predecessor Kwasi Kwarteng in September.
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