UK to turn page on 'Trussonomics' with budget plan

British Chancellor of the Exchequer Jeremy Hunt walks outside Number 10 Downing Street on the day of a cabinet meeting, in London, Britain, October 26, 2022. REUTERS/Hannah MckayHunt warns of more pain as recession probably underwayBritain only G7 nation with economy still below pre-Covid size

But Hunt has warned of more pain in his budget statement that will represent an abrupt reversal of policy from the unfunded tax cuts promised by former Prime Minister Liz Truss less than two months ago. Critics say a return to austerity is unnecessary, will hurt millions of households and will deepen the expected recession.

"We are taking a balanced path to stability," he said. "But it depends on taking difficult decisions now."Britain's government is aiming for more than 50 billion pounds of annual savings by five years' time - equivalent to about 2% of annual economic output. How soon spending cuts and tax rises come will be key for the short-term economic outlook.

News reports have said Hunt also plans to bring in more revenues from dividend and capital gains taxes while sources have said he is considering a big increase in a windfall tax on oil and gas firms and extending it to power generation firms.

Source: News Formal (newsformal.com)

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