FT News Briefing The UK chancellor’s new plan
Nov 18, 2022
The world’s largest cryptocurrency fund finds itself in a storm as the market faces turmoil. Meanwhile, the UK Chancellor unveils a £55 billion fiscal squeeze, raising concerns about the impact on vulnerable groups and public services. Negotiators at COP27 rush to secure climate agreements, focusing on financial support for developing nations grappling with extreme weather events. The debate over loss and damage intensifies, revealing a growing public outcry over the economic landscape.
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UK Fiscal Plan
- UK Chancellor Jeremy Hunt's plan aims to restore market confidence by demonstrating fiscal responsibility.
- The plan involves significant tax increases and spending cuts to address a £55 billion fiscal gap.
UK Policy Reversal
- The current UK fiscal plan is a complete reversal of the previous chancellor's approach, which caused market instability.
- This U-turn aims to regain market trust and stability.
UK Tax Rises
- The tax rises affect a broad range of people, with a focus on wealthier households.
- Stealthy tax rises are implemented by freezing tax thresholds and increasing rates for higher earners.