The UK Telegraph reported in an article that Rishi Sunak is reconsidering tax hikes and big public spending cuts following the dramatic improvement in the state of the country’s finances.
”The new Prime Minister delayed on Wednesday the medium-term tax return from next Monday to November 17 to allow Jeremy Hunt to rework the plans.”
“An analysis to be published Thursday shows that the fifteen-day delay is expected to reduce the size of the public finance black hole by up to £15bn” says the article.
”With the rapid fall in the interest rate on government bonds (and the reduction in the international price of gas), in Downing Street there is increasing confidence in the need to introduce more minor changes in public finances.
Mr. Hunt had already warned that “some taxes will go up” while others “will not go down as fast as people want”, and that high incomes will be subject to tax increases of up to 20,000 million pounds. Whitehall apartments have already been ordered to save between 10% and 15% each.
But the improving economic situation means that Mr Sunak is now examining whether some of the sweeping measures drawn up for the Halloween declaration can be eased or canceled altogether.
The delay means the Bank of England will set interest rates on November 3 without knowing the new fiscal and spending policy.“.
Source: Fx Street

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