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UK finance ministery hits wealthy with higher taxes in £55 billion squeeze

British Finance Minister Jeremy Hunt announced a string of tax increases and tighter public spending in a budget plan on Thursday

British finance minister Jeremy Hunt
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British finance minister Jeremy Hunt (Photo: Bloomberg)

Alex Morales | Bloomberg
Jeremy Hunt targeted wealthy people and energy companies in a £55 billion ($65 billion) package of tax rises and spending cuts aimed at cleaning up the mess left by unprecedented shocks to the economy.
 
The measures set out by the Chancellor of the Exchequer will contribute to a 7% drop in the disposable incomes of consumers over the next two years, the biggest squeeze on record, and will wipe out eight years of gains. 

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First Published: Nov 17 2022 | 10:47 PM IST

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