UK Govt Announces Multibillion-Pound Measures Against Inflation

The new UK government revealed its multibillion-pound measures which the goal of supporting businesses and households in light of the high inflation rates.

The newly appointed Finance Minister Kwasi Kwarteng stated that the previous Prime Minister, Borris Johnson’s plans on hiking taxes on salaries will be scrapped.

This comes after news of the Bank of England cautioning that the UK could fall into a recession as food and fuel prices continue to rise.

“Taxing our way to prosperity has never worked,” said the Chancellor of Exchequer.

“To raise living standards for all, we need to be unapologetic about growing our economy.

“Cutting tax is crucial to this.”

The Chancellor of the Exchequer is also predicted to retract the intended tax increase plan of Borris Johnson.

Kwarteng is set to lay out the plans of capping energy bills and possibly scrapping bankers’ bonus cap.

The new Prime Minister, Liz Truss took office just two days before Queen Elizabeth II’s passing, after winning an election of Conservative party members with a tax-cutting platform.

Aside from tax cuts, the government may reveal plans of reduced levies on home purchases.

The British bank, Barclay has analysts that the government’s total package costs would be an estimated £235 billion or $267 billion, which is more than their jobs projection scheme throughout the pandemic.

In light of prices increasing and wage values plummeting, Britain is experiencing the biggest strike action in more than 30 years.

Source: Inquirer