UK government to unveil spending and tax plans

Finance Minister Jeremy Hunt unveiled a £55bn ($66bn) fiscal package in his inaugural autumn statement.

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UK Chancellor of the Exchequer Jeremy Hunt will unveil the government’s Spring Budget at 12:30pm London time on Wednesday.

in his Fall Statement for NovemberHunt has proposed a £55 billion ($66 billion) plan of tax hikes and spending cuts to plug a major hole in the country’s public finances and restore Britain’s fiscal credibility after a turbulent year for the UK economy.

Since then, a surprisingly significant improvement in the country’s fiscal position and a fall in wholesale gas prices have driven the government to a surprise budget surplus, while public sector borrowing has been weaker than expected so far in 2023.

like this, Economists expect Hunter to deploy some modest fiscal support The effort, aimed at addressing the country’s cost of living crisis and crumbling public services, has been undermined by widespread industrial action in recent months.

Schools and transport will be severely disrupted on Wednesday as teachers and rail workers strike, as do civil servants and junior doctors.

The government announced its Energy Bill Support scheme on Wednesday morning, which aims to limit the average household’s energy bills to £2,500 a year for a further three months.

With some lawmakers in the ruling Conservative Party calling for radical action to reduce the national tax burden, which is at its highest level in 70 years, Hunt’s first spring budget is unlikely to attract attention as he looks to further shore up the government’s finances.

Hunter is also expected to announce his response High level of economic activity in the UKwhich remains the only G7 country to recover output lost during the Covid-19 pandemic.

Several British news organizations reported on Tuesday that the chancellor will announce the 12 new low-tax ‘investment zones’ across UK., a scaled-down version of the project presented by former Prime Minister Liz Truss.

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