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UK chancellor unveils tax rises and spending cuts, crypto broker Genesis halts withdrawals, Iraq reels from massive corruption scandal
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- The UK Chancellor, Jeremy Hunt, plans to announce a comprehensive package of tax increases and spending reductions to repair Britain's tarnished economic reputation.
- Genesis trading, a cryptocurrency broker, has suspended withdrawals from its lending unit following the collapse of FTX, impacting other companies like Gemini.
Deep dives
UK Chancellor unveils economic plan with tax hikes and spending cuts
The UK Chancellor, Jeremy Hunt, will announce a comprehensive package of tax increases and spending reductions known as the Autumn Statement. The plan aims to tackle rising inflation, repair public finances, and restore faith in Britain's economy. The previous budget proposal and its controversial tax cuts led to the resignation of then Prime Minister Liz Truss due to public backlash.
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