- Financial markets reacted positively Monday after the United Kingdom’s new finance minister ripped up Prime Minister Liz Truss’ tax-cutting economic stimulus package.
- In the three weeks since it was announced, the controversial so-called mini-budget sparked chaos in the financial markets, causing a run on the pound and sending British pension funds to the brink of insolvency.
- As well as scrapping other tax cuts including a 1% saving for all taxpayers while proceeding with a plan to hike corporation tax to 25%, Hunt curbed the government’s flagship energy price freeze — a measure that caps annual utility bills for the average family to 2,500 pounds ($2,858, €2.911).
UK government crisis: Can Jeremy Hunt restore Britain’s financial credibility? 17.10.2022
