The new Minister of Finance of the United Kingdom, Jeremy Hunt, announced this Monday a reverse gear of almost all the measures of the “mini budget”, with the aim of stabilizing the financial markets. “We will reverse almost all of the fiscal measures announced in the September 23 growth plan,” he said.
“We will not go ahead with the cuts in the tax rates on dividends, nor with the reversal of the reforms on non-payroll work,” said the new minister. He announced that they will not go ahead with the new VAT-free shopping plan for foreign visitors, nor with the alcohol tax freeze.
“The central responsibility of government is to ensure economic stability,” Hunt said. He stated that the government will introduce more changes on the mini budget plan. Today he will make a statement before Parliament.
Hunt reported that the basic rate of income tax it will remain indefinitely at 20 percent. According to his estimates, the measures announced today will raise some 32,000 million pounds.
Regarding the guarantee of energy prices, there will be no changes until April. The government is reviewing how to provide support after that month.
Hunt reported that there will be more tough tax and spending decisions; but he expressed confidence in the UK’s economic prospects.
Source: Fx Street
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