6/7/2023 0 Comments Budget cuts henry danger"We will have some very difficult decisions ahead," he told Sky News. ![]() In a hurried news conference shortly after dismissing Kwarteng, Truss said the corporation tax rate would increase, abandoning her plan to keep it at current levels, and government spending would rise by less than previously planned.īig, unfunded tax cuts were a central plank of Truss's original plans, but Hunt said tax increases were on the cards. In an attempt to appease financial markets that have been in turmoil for three weeks, Truss fired Kwasi Kwarteng as her chancellor of the exchequer on Friday and scrapped parts of their controversial economic package, Reuters said. Britain's new finance minister Jeremy Hunt said on Saturday that some taxes will have to go up, signaling another abrupt policy U-turn by Prime Minister Liz Truss who is battling to save her leadership just over a month into her term.
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