British Economy Minister Jeremy Hunt admitted on Sunday that all taxpayers “need to pay a bit more tax” to respond to the current economic crisis facing the UK.
The Conservative minister, without going into details, presented to the media a plan to announce the response to the crisis and debt in the House of Commons on the 17th.
🇧🇷I’m afraid we’re all going to pay a little more tax, but it’s not all bad news. I think people recognize that you have to be honest about the present if you want to give them hope about the future. And you need to have a plan“, Hunt told Sky News.
The British minister argued that this would help reduce inflation, curb high energy prices and restore growth.
The minister, who replaced Kwasi Kwarteng as head of portfolio on October 14, insisted that the government had to take “very difficult decisions” but argued that the country faced “resistance” and “very big challenges”.
“The proposal I will present in the House of Commons on Thursday will be one that will help us through these difficult times,” he added.
Upon taking office, Hunt reversed the economic plan of former prime minister Liz Truss, which sent financial markets into turmoil.
According to the bank, the UK could be on track for a long-term recession, although it expects inflation to slow significantly from mid-2023. According to the central bank’s calculations, inflation will reach 11% by the end of this year. UK unemployment will be 6.4% by the end of 2025, compared with the current 3.5%.
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