New British finance minister Jeremy Hunt announced on Monday that he would scrap “virtually all tax measures” introduced three weeks ago. by a conservative government Liz dressThis sent financial markets into a frenzy.
Hunt, who was urgently appointed on Friday, stressed the need to restore “stability” and, in his announcements, noted Assistance to households to pay energy bills will ultimately be limited to six months instead of the two years initially planned.
In a televised address, Hunt also announced the cancellation of a planned reduction in the income tax base from 20 to 19% from April. Reduce public debt and calm markets.
Hunt was sworn in last Friday Quasi KwartengDismissed by Truss, after his presentation on September 23, A A financial plan without debt reduction details Sows chaos in financial markets.
The new minister today announced drastic changes to the scheme worth around £32bn (€37bn) a year. They aim to “guarantee financial stability and provide confidence in the government’s commitment to financial regulation”.
The The pound rose and interest rates on British public debt fell after Hunt’s report dismantled Trudeau’s “growth agenda”.whose The political future now hangs in the balance by the opposition within and outside his party.
Announcing the Kuarteng march on Friday, Conservative leader reverses decision to freeze corporate tax pointed out that It will increase to 19 to 25% in AprilExcept for small scale industries, the previous Govt.
Early October Truss also scrapped a planned cut in income tax from 45 to 40% for high-income sectors.After receiving much criticism, in an environment of high inflation and rising interest rates.
Hunt said today It will also repeal the 1.25 percentage point reduction in tax on dividends as well as VAT-exempt purchases for overseas visitors.
Minister too The previously announced freeze has been liftedFor one year from February 1, dand tax on alcohol.
From the plan of its predecessor, only Freezing social security contributions and reducing tax on house purchasesBecause the law has already been approved.
The new economy minister met last night Andrew BaileyThe central bank’s governor will appear in the House of Commons at 14:30 GMT to provide more details on the new monetary strategy.
The full plan, along with official growth and deficit projections, will be released on October 31.
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