The tax increases and spending cuts come amid grim tidings from the Office of Budget Responsibility which predicts living standards are going to fall by 7 percent over the next two years.
LONDON — The new government of Prime Minister Rishi Sunak executed a screeching U-turn from his predecessor on Thursday, unveiling an economic plan that calls for billions of dollars of tough spending cuts alongside steep tax increases, in a package designed to stabilize skeptical financial markets and tackle soaring inflation.
Opposition leaders say that some of the economic pain felt today was caused by the Conservative Party itself, which has been in office since 2010. Britain is the only Group of Seven economy that has not recovered to its pre-pandemic size, after suffering from a decade of lower productivity and near-stagnant income growth.Economists, including some officials at the Bank of England, also are saying that Brexit — the consuming obsession of previous Conservative governments — has not helped but probably hurt the British economy and is likely to continue doing so.
Hunt said that although government spending will continue to increase in real terms every year for the next five years, it will do so at a slower rate and it appears will not keep up with inflation. Most of the spending cuts in the plan will come later. Elections are scheduled for 2025.
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