U.K. push to restore finances means higher taxes, energy bills
By Associated Press
Published: November 17, 2022, 5:18pm
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People walk on Regent Street, in London, Thursday, Nov. 17, 2022. The British government on Thursday unveiled an emergency budget featuring billions in tax increases in a bid to restore trust and stability in the U.K. economy and help millions struggling to cope with a deepening cost-of-living crisis. (AP Photo/Kin Cheung)Photo Gallery
LONDON — Millions of people across Britain face higher taxes and energy bills after the government on Thursday announced an emergency budget focused on restoring the country’s financial credibility and bolstering an economy battered by soaring inflation.
Treasury chief Jeremy Hunt unveiled a $65 billion package of tax increases and spending cuts designed to demonstrate that Britain is committed to paying its bills after his predecessor spooked financial markets by proposing tax cuts without saying how they would be paid for.
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