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Monday, January 30, 2023

UK Chancellor to fast track tax, spending measures


In a bid to help reassure jittery UK markets before they opened on Monday, the Liz Truss government announced Chancellor Jeremy Hunt will fast track both tax and spending measures.

Announcements by lunchtime and then a statement to the House of Commons will see many billions more in reversals of policy, to plug a hole in borrowing forecasts worth tens of billions, the BBC reported.

“The Chancellor will make a statement later today, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability,” a Treasury spokesman said.

It is the latest of a series of U-turns on policies announced in the mini-budget. Many billions of pounds worth of tax and spending measures from his debt plan will be fast tracked as per the announcement that came a fortnight earlier than expected.

The Treasury will outline details of the plans later in the day, the BBC reported.

The pound gained around 0.5 per cent higher in early Asia trade on Monday to trade above $1.12.

The announcement of the 18 billion pound U-turn on corporation tax on Friday and the firing of Kwasi Kwarteng as chancellor did not calm rising UK government borrowing costs.

On Sunday, Hunt told the media that nothing was off the table.

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