Business Standard

UK's Sunak tries to ease cost-of-living hit with tax cuts

Britons still face biggest cost-of-living squeeze on record; inflation forecast to reach nearly 9% in late 2022

British Chancellor of the Exchequer Rishi Sunak leaves Downing Street on the day of the Spring Statement, in London (Photo: Reuters)
Premium

British Chancellor of the Exchequer Rishi Sunak leaves Downing Street on the day of the Spring Statement, in London (Photo: Reuters)

Reuters
British finance minister Rishi Sunak cut fuel duty and softened some of a looming payroll tax increase on Wednesday as he sought to alleviate a severe cost-of-living squeeze against the backdrop of slowing economic growth.

But with inflation set to hit a 40-year high of nearly 9% later this year, government forecasters said Britons faced the biggest hit to their living standards since records began in the late 1950s - even after Sunak's measures.

Announcing a half-yearly budget update overshadowed by the conflict in Ukraine, Sunak set out plans to inject about 17.6 billion pounds ($23.2 billion) into the economy in the

Disclaimer: No Business Standard Journalist was involved in creation of this content

Topics : Rishi Sunak

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 23 2022 | 10:17 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com