Britain’s Economy Secretary Jeremy Hunt admitted on Sunday that all taxpayers will have to “pay a little more tax” to respond to the current economic crisis facing the UK.
The Conservative minister pushed the media, without going into detail, on the plan he will announce in the House of Commons on the 17th to respond to the crisis and debt.
“I’m afraid we’re all going to pay a little bit more tax, but it’s not all bad news. I think what people are recognizing is that if you want to give them confidence in the future, you have to be honest about the present. And that must if you have a plan” Hunt said, speaking to Sky News.
The UK minister argued that this will be a plan to help reduce inflation, contain high energy prices and restore growth.
The minister, who replaced Kwasi Kwarteng as head of the Economy portfolio on October 14, stressed that the government will have to make “very difficult decisions”, but defended that the country is “resistant” and faces “much bigger challenges”.
“The plan I will present in the House of Commons on Thursday will be one that will see us through these difficult times,” he added.
Upon taking office, Hunt reversed former Prime Minister Liz Truss’s economic plan, causing a stir in the financial markets.
Ten days ago, the Bank of England announced a rate hike of 0.75 percentage point to 3%, the highest level since 2008, to help contain inflation.
According to the bank, the UK may be heading for a prolonged recession, although it expects inflation to fall sharply from mid-2023.
According to central bank calculations, inflation could reach 11% by the end of this year, while unemployment in the UK could fall to 6.4% by the end of 2025, down from the current 3.5%.
Source: DN
