Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: Five killed in the Israeli bombing of a civilian vehicle on Al-Qassam Street in Khan Younis, south of the Gaza Strip
Hamas confirms that it has no connection to the shooting incident in Rafah and affirms its commitment to the ceasefire agreement
Al Mayadeen's correspondent: Two civilians were killed and four others, including a child and an infant, were injured in an Israeli bombing of a house belonging to the Al-Banna family in the al-Sabra neighborhood, south of Gaza City
Al Mayadeen's correspondent: An Israeli airstrike targets the vicinity of Al-Shifa Medical Complex, west of Gaza City
Al-Qassam: We will postpone the handover of the body of the Israeli captive we found, which was scheduled for today, due to the occupation's violations
Al Mayadeen's correspondent in Gaza: Israeli occupation aircraft launch airstrikes on the city of Rafah in the southern Gaza Strip
Netanyahu's office: At the end of the security consultations, the prime minister instructed the military to launch massive military strikes on the Gaza Strip immediately
President Aoun: We urge the activation of the monitoring committee, the cessation of hostilities, ongoing Israeli violations, attacks
Lebanese President Joseph Aoun to US Envoy Morgan Ortagus: Southerners must be enabled to return to their homes and rebuild
Syrian sources: The Israeli occupation has begun withdrawing from the areas it infiltrated last night in the Quneitra countryside.

Britain warns of incoming budgetary trouble after Truss debacle

  • By Al Mayadeen English
  • Source: Agencies
  • 13 Nov 2022 18:22
4 Min Read

The UK government warns of impending tax hikes after Liz Truss.

  • x
  • Britain warns tax hikes coming after Truss fiasco.
    UK Prime Minister Rishi Sunak and former UK Prime Minister Liz Truss

The UK government warned on Sunday of impending tax increases, particularly for the wealthy, as it attempts to repair the economic damage caused by Liz Truss' brief tenure as Prime Minister.

Rishi Sunak, who succeeded Truss and was en route to an economic summit of the G20 in Indonesia, vowed to bring the spiraling inflation under control, even if it means that already struggling businesses and consumers will suffer further.

When he releases an emergency budget statement on Thursday, his Finance Minister, Jeremy Hunt, told Sky News that the hurt will fall disproportionately on the better off. "We're all going to be paying a bit more tax, I'm afraid," he said while refusing to be drawn into detail on the plan after a tax-cutting budget by Truss caused panic in financial markets.

Read next: UK inflation returns above 10 percent

Hunt acknowledged that the UK economy was probably already in a recession as a result of the quarter of July through September's contraction, adding, "But we are a resilient country, and frankly, we've faced much bigger challenges in our history."

"We will be asking everyone for sacrifices," the Chancellor of the Exchequer stressed.

"But I think in a fair society, as we are in the UK, we need to recognize that there's only so much you can ask from people on the very lowest incomes, so that will be reflected in the decisions that I take."

Read next: UK Defense spending to shrink in real terms due to high inflation

In order to increase revenue from high earners and impose strict spending restrictions for years to come even as inflation reaches double digits, Hunt is reportedly considering changing the income tax brackets.

Related News

UK Tories elect Badenoch as new leader

Sunak government freed over 10,000 prisoners 70 days early

According to the Resolution Foundation, a think tank, half of the budget black hole left by Truss was the amount of savings and additional revenue he is requesting, which could total up to £60 billion ($71 billion). "We do have to do some tax rises, do some spending cuts if we're going to show that we're a country that pays our way," Hunt said, insisting that his policies would make any recession "shallower and quicker."

'Badge of shame' 

The increase in energy costs brought on by the Western sanctions on Ukraine, cost the economy £140 billion, according to Hunt. "It's like the economy supporting an entire second NHS (National Health Service)," the chancellor said.

Hunt acknowledged that there were "massive pressures" on the system and "unbearable pressure" on the medical staff when asked if the NHS was in danger of failing as a result of the Covid pandemic.

However, he denied a 17% pay demand made by the largest nursing union in Britain, which last week decided to go on strike for the first time in its 106-year history. "We have to recognize a difficult truth that if we gave everyone inflation-proof pay rises, inflation would stay," he said.

Prior to Hunt's budget, the opposition Labour party charged that after 12 years of Conservative rule, the government had left public services like the NHS "on their knees."

Read next: Liz Truss under English fire over ‘mistakes’, ‘chaos’

In this week's budget, "austerity 2.0" was not the best course of action, according to Labour's Finance Spokesperson Rachel Reeves, who called it a "badge of shame" that the nurses felt compelled to strike.

Since the summer, tens of thousands of workers across many industries, including the postal service, the legal system, ports, and telecommunications, have gone on strike in Britain in an effort to demand higher pay.

Hunt was also challenged by growing evidence that Britain's exit from the European Union is causing long-term harm, with comparable economies recovering much faster from the pandemic.

He was questioned regarding mounting evidence that Britain's exit from the European Union is having a long-term negative impact, as comparable economies recovered from the pandemic much more quickly. "I don't deny there are costs to a decision like Brexit, but there are also opportunities, and you have to see it in the round," said Hunt, who voted in 2016 to stay in the EU.

  • Rishi Sunak
  • inflation
  • Liz Truss
  • United Kingdom
  • G20 summit

Most Read

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Arab League chief exposes secret US deal shielding 'Israel’s' nukes

Arab League chief exposes secret US deal shielding 'Israel’s' nukes

  • Politics
  • 27 Oct 2025
Abu Hamza, the spokesperson for the Al-Quds Brigades, during a speech televised on October 22, 2025 (Al-Quds Brigades Military Media)

Al-Quds Brigades' Abu Hamza mourns leaders, vows continued resistance

  • Politics
  • 22 Oct 2025
US missionary kidnapped in Niger capital, suspected taken toward Mali

US missionary kidnapped in Niger capital, suspected taken toward Mali

  • Africa
  • 23 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Delta Air Lines flight lands at Harry Reid International Airport, Wednesday, April 9, 2025, in Las Vegas (AP)
Politics

Nearly 3,800 US flights disrupted amid ongoing government shutdown

FILE - The Amazon logo is pictured at the Amazon Robotic Sorting Fulfillment Center in Madison County, Miss., Aug. 11, 2022. (AP Photo/Rogelio V. Solis, File)
Economy

Amazon to cut 30,000 jobs in largest layoff in company history

Eurofighter Typhoon Spain's Air Force fighter jets fly above the military parade marking 'Día de la Hispanidad', or Hispanic Day, in Madrid, Spain, Sunday, Oct. 12, 2025. (AP)
Politics

UK sells 20 Eurofighter jets to Türkiye in £8bln defense agreement

Smoke billows after drone strikes by the paramilitary Rapid Support Forces (RSF) targeted the northern port in the Red Sea city of Port Sudan, Sudan, May 6, 2025 (AP)
Politics

RSF tighten El Fasher siege as Sudan risks fragmentation: Reuters

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS