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Friday, January 27, 2023

Sunak launched a curious recipe against recession in the United Kingdom: a severe adjustment

The truce plan was completely unlike the present, as it provided for massive tax cuts with welfare benefits.

Inflation, as announced yesterday, hit a 41-year high at 11.1% last month, food grew at an annual rate of 16.5%, intensifying the crisis in the UK over the rising cost of living, attributed to Country results are given. departure from the European Union (EU), or Brexit, and the war with Ukraine and the coronavirus pandemic.


In his speech to the other delegates, Hunt confirmed that the United Kingdom is now in recession “like most other countries” and warned that “anybody who says there are easy answers is not being honest with the British people. “

The minister predicted that things will get worse before they get better and revealed that according to the OBR (Office for Budget Responsibility) forecast, UK GDP will shrink by 1.4% next year.

He blamed global factors as the “main cause” of the current inflation and said that most countries in the world are dealing with “the consequences of a once-in-a-century pandemic”, though he avoided mentioning Brexit, which It was promoted and implemented by him. conservative Party.

Hunt said he presented a plan “to address the cost of living crisis and rebuild the economy” and “to reduce debt over the coming years”.

He said his priorities would be stability, growth and the protection of public services, but also protecting the interests of the most disadvantaged.

The announced package of measures includes an increase in the tax on extraordinary income from energy companies, and more people will pay the maximum rate of income tax.


“Those earning £150,000 ($176,000) or more will pay £1,200 ($1,415) more per year,” he said, confirming the increase.

He also announced that tax exemptions and limits on income tax, National Insurance, and inheritance tax would remain constant for two more years, until April 2028. He said that electric cars will not be used from April 2025. Special tax on vehicles.

In relation to extraordinary taxes, Hunt confirmed that from 1 January to March 2028 the tax on extraordinary profits of energy companies would increase from 25% to 35%.

“Also from January 1, we have decided to impose a new temporary tax of 45% on electricity generators. Together these taxes will raise £14 billion next year.”

He also announced an increase in the hourly minimum wage for those over the age of 23 from April next year and a 3.3 billion pound ($3.9 billion) increase in the health budget over the next two years. It said funding for the social care sector would be increased to 2.8 billion pounds sterling ($3.3 billion).

World Nation News Desk
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