Britain, which is the fifth largest economy in the world, is now in a financial crisis. With frequent changes in the government, the financial indicators seem to be moving towards recession. UK Finance Minister Jeremy Hunt announced a new budget plan on Thursday (November 17) during the ongoing crisis. It informed the decision of the British to raise taxes and cut spending.
British finance minister Jeremy Hunt wants to show the countrymen that they are capable of dealing with the ongoing financial crisis in Britain. And so the announcement of the new budget on Thursday announced the British decision to increase taxes and cut spending. Hunt also spoke of restoring economic credibility after the chaos caused by former Prime Minister Liz Truss' budget plan.
Finance Minister Hunt said it was necessary to overcome the lack of confidence that former Prime Minister Liz Truss had created in the UK financial sector.
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"Pensioners, business people, teachers, nurses, and many others are worried about the future," Hunt said. So today we're announcing a plan to tackle the cost of living, tackle the crisis, and rebuild our economy. Our priorities are stability, revenue generation, and public service. We also protect the weak. Because to be British is to be compassionate. It is a sympathetic conservative government .'
The budget has set a target of £1,400 crore in revenue next year. The new budget introduced tiering of income tax and lowered the ceiling for high taxable income. As a result, more people now have to pay higher taxes.
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It was already assumed that Britain will be in an extreme financial crisis due to the Brexit issue. After two consecutive years of the outbreak of the Corona epidemic, when the world economy has just started to turn around, Russia's attack on Ukraine created a global recession. Much of the influence of Bessel Britain.
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