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More Difficult Decisions, Says UK Finance Min.

UNITED KINGDOM – The tax cuts promised by British Prime Minister Liz Truss are becoming less likely as Chancellor Jeremy Hunt ditched most of the PM’s proposed tax cuts.

Published

2 years ago

October 18, 2022

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UNITED KINGDOM – The tax cuts promised by British Prime Minister Liz Truss are becoming less and less likely.

Chancellor Jeremy Hunt ditched almost all of the Prime Minister’s proposed tax cuts announced less than three weeks ago. The announcements came as he addressed questions from members of parliament.

The u-turns include an indefinite basic rate of income tax – instead of the proposed cut.

The cap on energy prices will end in April, as opposed to the indefinite cut proposed by Truss, but cuts on stamp duty and national insurance remain while the cap on bankers’ bonuses will still be scrapped.