Jeremy Hunt Hikes Taxes, Squeezes Spending

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UNITED KINGDOM – Britain’s Finance Minister Jeremy Hunt announced a string of tax increases and tighter public spending in a budget plan that he said is needed following the blow dealt to the country’s reputation from Former Prime Minister Liz Truss.

While outlining a 55 billion pound to fix the finances, Hunt said the economy was already in recession is set to shrink next year.

Britain’s watchdog said rising prices would further erode people’s wages and reduce living standards.

But Hunt said he could not avoid painful fiscal medicine.