The British government revealed a comprehensive financial plan of 55 billion pounds (66 billion dollars), as it seeks to fill a gap in public finances and restore economic credibility.
British Finance Minister Jeremy Hunt announced during his presentation of the new budget on parliament members to impose a “temporary new tax of 45 percent on electricity producers,” noting that the exceptional tax will be increased on the profits of giant energy companies from 25 to 35 percent, and will extend it until 2028.
The procedures also included a six -year freezing of income tax thresholds and a reduction in the highest income tax rate to 125,000 pounds, and steps directly oppose the main discounts that were promoted in the catastrophic mini budget for September.
Hunt told the House of Commons: “The non -funded tax cuts involve risks such as not funded spending,” noting that “these measures will reassure the markets that the government and the England Bank are now working at a steady pace.
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He stressed, “We need the financial and monetary policies to work together,” noting that “this means giving the world confidence in our ability to pay our debts. ”
He added: “We must continue a battle that has no relentlessness to reduce inflation, including a strict commitment to rebuild our public financial resources. ”
Source: cnbc.
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