Published 1 year ago

WION Dispatch: UK unveils austerity budget with major tax hikes, spending cuts

Summary by Ground News

British finance minister Jeremy Hunt announces a string of tax increases and tighter public spending. Hunt says the economy was already in recession and set to shrink next year as it struggles with inflation. Britain's budget watchdog said rising prices would further erode people's wages and reduce living standards by 7% by 2024.

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WION

WION Dispatch: UK unveils austerity budget with major tax hikes, spending cuts

UK government on Thursday unveiled an austerity budget with £55 billion ($65 billion) of tax hikes and spending cuts despite confirming its economy was in recession.

1 year ago·Noida, India

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Malay Mail

UK unveils austerity Budget despite recession

LONDON, Nov 17 — Britain today unveiled an austerity budget with £55 billion (RM295 billion) of tax hikes and spending cuts despite confirming its economy was in recession.Finance minister Jeremy Hunt confirmed the painful measures were needed to bring financial stability after recent turmoil, and insisted they would alleviate rather than aggravate the downturn.A day after official data showed UK inflation rocketing to a 41-year high above 11 pe…

1 year ago·Selangor, Malaysia

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France24

UK unveils recession budget marked by tax hikes, spending cuts

British finance minister Jeremy Hunt announced a string of tax increases and tighter public spending in a budget plan on Thursday that he said was needed after the blow dealt to the country's fiscal reputation by former prime minister Liz Truss.

1 year ago·France

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Moneycontrol

UK unveils austerity budget with major tax hikes, spending cuts despite recession

Finance minister Jeremy Hunt confirmed the painful measures were needed to bring financial stability after recent turmoil, and insisted they would alleviate rather than aggravate the downturn.

1 year ago·India

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Le Devoir

London unveils a austerity budget despite the recession already underway

The budget calls for £55 billion in savings, from tax hikes and spending cuts.

1 year ago·Quebec City, Canada

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eNCA

UK unveils austerity budget despite recession

Britain, on Thursday, unveiled an austerity budget with £55 billion ($65 billion) of tax hikes and spending cuts despite confirming its economy was in recession.

1 year ago

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