Barely announced, already denied. The new British finance minister, Jeremy Hunt, announced on Monday 17 October the cancellation of “almost all tax measures” announced three weeks ago by its predecessor, Kwasi Kwarteng, and which plunged the British markets into turmoil. Mr. Hunt, who was urgently appointed on Friday, insisted that the British government’s priority was to restore ” stability “.
Chancellor Jeremy Hunt confirms that all the tax measures announced in the growth plan three weeks ago that have no… https://t.co/GPZuS0QfQt
According to him, the new tax measures will result in additional revenue of 32 billion pounds (37 billion euros) per year.
The government intends to limit the aid granted to the British in terms of energy, with a price cap that would end in April 2023. Beyond this date, the government will seek other solutions to help the most vulnerable households. modest, said the Minister. This freeze on energy bills was initially announced for two years, in order to protect public finances “volatility” gas prices.
“Other tough decisions” are coming for government spending as well as taxes, he added.
After a catastrophic press conference on Friday, the Prime Minister, Liz Truss, must meet parliamentarians in the evening to try to convince them, if it is still possible, that she has a future at 10 Downing Street.
Before the announcement of more details concerning the plan of the ministry of Jeremy Hunt to reassure the markets, the pound rebounded against the dollar and the euro on Monday.