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-Nakhalah: We are the rightful owners, and we must fight to retrieve our rights
Al-Nakhalah: The enemy and its allies must know that we can never surrender to their terms and diktats after all the sacrifices made
Al-Nakhalah: The prisoner exchange clause can be completed in the next few days, and thus we will have pulled the [explosion] fuse and removed the enemy's justifications for aggression
Al-Nakhalah: The Resistance has expressed its willingness to negotiate on the basis that there are items that can be dealt with positively, the first of which is the prisoner exchange item
Al-Nakhalah: Trump's plan entails the Palestinian people's declaration of complete surrender to the enemy
PIJ Secretary-General, Ziyad al-Nakhalah, in an address aired on Al Mayadeen: The Resistance is engaging in a fierce negotiating battle under the so-called Trump plan
Russian Federation Council approves joint military cooperation agreement with Cuba
Al-Nunu: Today, the lists of prisoners required to be released, the agreed-upon criteria and numbers, were exchanged
Al-Nunu from Sharm el-Sheikh: Negotiations focused on mechanisms for implementing an end to the war, the withdrawal of occupation forces from the Gaza Strip, and the exchange of prisoners
Al-Nunu from Sharm el-Sheikh: Mediators are making great efforts to remove any obstacles in the way of implementing the ceasefire, and a sense of optimism now prevails among all parties

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

Tucker Carlson speaks at a memorial for Charlie Kirk, Sunday, September 21, 2025, at State Farm Stadium in Glendale, Arizona (AP)

Tucker Carlson: Israeli officers gave orders on Iran inside Pentagon

  • Politics
  • 2 Oct 2025
A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025 (AP)

Hamas responds to Trump plan, backs Gaza withdrawal, exchange

  • Politics
  • 3 Oct 2025
ap

'Israel' pays influencers $7K per post to whitewash Gaza genocide

  • Politics
  • 1 Oct 2025
Mossad’s secret role in Aldo Moro’s 1978 murder revealed

Mossad’s secret role in Aldo Moro’s 1978 murder exposed

  • Politics
  • 5 Oct 2025

Coverage

All
War on Gaza

Read Next

All
In this May 20, 20201, photo Marine Gen. Frank McKenzie, the head of US Central Command, arrives in Baghdad, Iraq (AP)
Politics

US spent $33 billion on post-Oct.7 genocide, wars, Brown Uni reports

Speaker of the House Mike Johnson, R-La., holds a news conference to mark the seventh day of the government shutdown, at the Capitol in Washington, Tuesday, Oct. 7, 2025. (AP)
Politics

US troops face unpaid wages as government shutdown drags on

Mourners wave Hezbollah and a Palestinian flag during the funeral of Hezbollah former leader Sayyed Hassan Nasrallah and his successor Sayyed Hashem Safieddine in the Sports City Stadium in Beirut, Lebanon, Sunday, February 23, 2025 (AP)
Politics

Hezbollah voices support for Gaza, Resistance on October 7 anniversary

Al-Aqsa Flood restored Palestinian cause on the global stage: Hamas
Politics

Al-Aqsa Flood restored Palestinian cause on the global stage: Hamas

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