December 7, 2022

EXPO Magazine

Complete News World

UK Finance Minister says Liz Truss is at the helm

Jeremy Hunt supported Trudeau’s stay in office after criticizing the economic policy adopted by the Prime Minister.

UK’s new Chancellor of the Exchequer Jeremy HuntReaffirming its support for the Prime Minister of the United Kingdom on Saturday (16.Oct.2022), Liz Dress, The question was raised because of the economic crisis in England.

“Prime Minister Responsible”, Hunt said when asked who will lead the government. Information published by the International News Agency Reuters.

Jeremy Hunt said his supporters were looking for stability, which could be threatened if the Truce changed. “The worst thing about it is political instability.”The British minister said in an interview to BBC.

Liz Truss’s government is losing support after tax cut plan “Development Plan 2022” (2022 Development Plan, in free translation), failed and contributed to the deterioration British financial market crisis.

One of the effects of economic planning can be seen in the British currency. Pound sterling fell out More than 20% against the dollar in 2022.

Former Finance Minister Quasi Kwarteng He Deleted Friday (Oct 14). On the same day, former Foreign Secretary Jeremy Hunt was appointed to the post by Liz Truss.

The new finance minister

Jeremy Hunt said he would too “Show the market and the world” that it was possible to balance the English economy.“What I’m going to do is get the markets, the world, the people watching at home, to be able to accurately account for every penny of our tax and spending plans.”said.

The new minister These are On Saturday (Oct 15). “Hard Decisions” Steps should be taken to solve the economic crisis of the country. Some taxes are expected to increase.

See also  Release # 494: Demonstrations in Cuba | Subject

Upon taking office, Hunt criticized the tax cuts implemented by Truss and Quarteng. said”It is a mistake to fly blindly and make these projections, claiming that the amount is inflated and not giving the public confidence in the Office of Budget Accountability..

According to him, “The Prime Minister approved this”.

On Friday (Oct 14), Prime Minister withdrew Back to your tax cut plan. Liz dress declared Maintain the 25% increase in corporate taxation.

Then Truss said that his Govt “Ensuring Economic Stability” From England. “As Prime Minister I will always act in the interest of the nation.he said.

Tax reduction scheme

A tax cut program was instituted by the Liz Truss government, for example, a 25% increase in corporate taxation was suspended. The ratio will be 19%. It will reduce tax on income above £150,000 from 45% to 40%.

However, the cuts are expected to cost British public coffers around £45 billion by 2027, and the British government has not detailed how the initiative will be funded.

The lack of details has left investors skeptical about the potential of the tax cut plan as a solution to the country’s economic woes. Another fear is that the package will increase inflation further.

Thus, many investors started their selling “Gilts” -Name given to UK government bonds. To prevent the fixed income market from collapsing, the Bank of England stepped in and began buying long-term bonds.