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UK finance minister announces tax hikes and spending cuts, says country is in recession

2022-11-18 09:32:07       source:CNBC

November 17, 2022

LONDON — The U.K. government on Thursday unveiled a sweeping £55 billion ($66 billion) fiscal plan as it seeks to plug a gaping hole in the public finances and restore Britain’s economic credibility, even as the country teeters on recession.

Finance Minister Jeremy Hunt, in his hotly anticipated inaugural Autumn Statement, outlined around £30 billion in spending cuts and £25 billion in tax hikes.

The measures included an extra two-year freeze on income tax thresholds and a lowering of the top rate of income tax to £125,140 — moves directly opposed to the major cuts touted in September’s catastrophic mini-budget.

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