Warning of ‘scary’ spending cuts after tax U-turns
New chancellor Jeremy Hunt said “almost all” of the tax cuts announced by his predecessor will go. …
Last month his predecessor, Kwasi Kwarteng, announced huge subsidies to energy prices and sweeping unfunded tax cuts, prompting turmoil in the financial markets. Investors were alarmed that there was no independent assessment of the impact on the economy and no explanation of how the package would be paid for.
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