British Chancellor of the Exchequer announces higher taxes on everyone
British Chancellor of the Exchequer Jeremy Hunt is doing hard work. In times of high inflation and stagnation, he has to remove the broken parts of Truss government. Now the British people are asked for “sacrifices”.
aIn light of the difficult economic situation in Great Britain, Chancellor of the Exchequer Jeremy Hunt has announced nationwide tax increases. “We’re all going to have to pay more taxes, I’m afraid,” Hunt told Sky News on Sunday. He will have to ask everyone for sacrifices.
Hunt noted that tax rates will increase even more for the wealthy. Real incomes are expected to decline. “We have to acknowledge the hard fact that if we all raise wages in line with inflation, inflation will remain (high). Then we will not reduce inflation.”
The Finance Minister wants to present his eagerly awaited financial plan on Thursday. According to media reports, the budget is losing about 40 billion pounds (46 billion euros), which Hunt wants to compensate with increased taxes and savings.
Experts predict a prolonged recession for Britain. Inflation has recently risen to a good ten percent. In addition, the Conservative government must restore the confidence of financial markets, which was turbulent due to the radical and unfunded tax cut plans of former Prime Minister Liz Truss.
Inflation is the “root of your fears”
“The way out of this situation is to bring down inflation as quickly as possible, because it has caused you concern, anger, and frustration that your salary will not go as far as possible,” Hunt told the Britons who took refuge in the Briton. Not only will the bad news be announced on Thursday. At the same time, he emphasized: “If you want to give people confidence in the future, you have to be honest about the present.”
Hunt announced that his plan would lower inflation, control high energy prices and provide a path back to healthy economic growth. This requires savings in the public sector. He noted that there was no longer any additional money for the battered National Health Service.