Wednesday, December 07, 2022

Britain plans anti-crisis package

Britain plans anti-crisis package

Britain’s new prime minister, Liz Truss, is working on Europe’s biggest energy crisis relief package ever, as countries scramble to protect homes and businesses from rising bills and shore up struggling suppliers.

Truss, who succeeded Boris Johnson, plans to freeze domestic energy bills this winter and to the next level, which he will pay with loans to government-backed suppliers, the BBC reported, costing between $100 billion and 130 billion. between pounds. ($116 billion and $151 billion).

The BBC said the British government is also working on helping businesses, but this is likely to be more complex and reviewed more frequently.

The truss also promised to repeal plans to raise corporate taxes on large businesses and reverse payroll tax increases for workers and employers designed to raise additional funds for health and wellness, and that the additional spending would come from the general levy. Will come

“We are facing serious headwinds globally because of the terrible war in Ukraine and the consequences of the COVID-19 pandemic,” the former chancellor said outside the office in Downing Street.

“I believe that together we can weather the storm, rebuild our economy and become the wonderfully modern UK I am sure we can be,” she said.

Fighting inflation will be in the hands of the new finance minister, Kwasi Quarteng, 47, the son of a Ghanaian immigrant who came to the UK in the 1960s. Quarteng was the Minister of Trade in the Boris Johnson government.

Britain’s 30-year government bonds suffered their biggest one-day fall since 2020, when the pandemic sent markets into turmoil as investors raised additional borrowing likely to be needed by the new administration’s plans. Is.

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