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 in South Lebanon: Israeli drone strikes town of Harouf, Nabatieh district.
Factions' statement: The attendees agreed to support and continue implementing the ceasefire agreement measures, including the withdrawal of the occupation and lifting the siege.
Factions' statement: Calling for an end to all forms of torture and violations against prisoners in occupation prisons and the necessity of obligating the occupation to do so.
Statement: The current moment is crucial, making the meeting a true turning point toward national unity in defense of our people and their right to life, dignity, and freedom.
Factions' statement: Call for an urgent meeting of all Palestinian forces and factions to agree on a national strategy.
Factions' statement: Continuing joint work to unify visions and positions to confront the challenges facing the Palestinian cause.
Statement of the factions: Emphasis on the unity of the Palestinian political system and the independent national decision.
Statement: Approval to establish an international committee to oversee the financing and implementation of the reconstruction of the Gaza Strip.
Statement: The committee is responsible for managing life and services in cooperation with Arab brothers and international institutions, based on transparency and accountability.
Resistance factions' statement: Agreement to hand over the administration of the Gaza Strip to a temporary Palestinian committee of independent technocrats.

Tough budget plan awaits the UK; tax hikes, spending cuts: Hunt

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Nov 2022 15:45
  • 1 Shares
4 Min Read

British Finance Minister Jeremy Hunt announces that the country is in recession, vowing a series of tax increases and tighter public spending in a tough budget plan.

  • x
  • UK finance minister announces tax hikes, spending cuts, recession
    UK Finance Minister Jeremy Hunt and UK PM Rishi Sunak

The United Kingdom's government unveiled a £55 billion ($66 billion) fiscal plan on Thursday, aiming to plug a gaping hole in the public finances and restore Britain's economic credibility as the country teeters on recession.

In his much-anticipated first Autumn statement, Finance Minister Jeremy Hunt proposed around £30 billion in spending cuts and £25 billion in tax increases.

The measures include a six-year freeze on income tax thresholds and lowering the top rate of income tax to £125,000 — moves directly opposed to the major cuts touted in September’s catastrophic mini-budget. “Unfunded tax cuts are as risky as unfunded spending,” Hunt told the House of Commons.

Read next: UK plans to increase taxes to overcome a billion pounds deficit

The measures, according to Hunt, will reassure markets that the government and the Bank of England are now working in "lockstep".

“We need a fiscal and monetary policy to work together,” he said. “That means the government and the Bank working in lockstep. It means, in particular, giving the world confidence in our ability to pay our debts.”

A recessionary fiscal plan

Millions of Britons will face increased financial hardship as they face the country's worst cost-of-living crisis in decades and its longest-ever recession.

However, Hunt stated that they were necessary to limit 41-year-high inflation and restore the United Kingdom's reputation, referring to the plan as the "ultimate growth strategy." ″We must continue a relentless fight to bring (inflation) down, including a rock-solid commitment to rebuild our public finances,” Hunt said.

Related News

UK seizes Andrew Tate's £180k supercar deposit over tax evasion

Wealthy Brits avoiding more tax than previously thought: Watchdog

Other measures announced included a 10% increase in the state pension, benefits, and tax credits in line with September's inflation figure, as well as an increase in the National Living Wage from the current level of £9.50 an hour for those aged 23 and up.

Read next: Britain warns of incoming budgetary trouble after Truss debacle

The Finance Minister confirmed that the energy industry will be targeted with an expanded windfall tax of 35% up from 25%. 

The statement on Thursday was accompanied by a long-awaited set of projections from the United Kingdom's independent Office for Budget Responsibility (OBR), which painted a bleak economic picture for the country.

The UK is now in recession, but the government's plan will make the downturn shallower and unemployment lower than previously predicted, according to Hunt.

Testing the government 

The United Kingdom's new strategy sets the tone for Prime Minister Rishi Sunak's tenure, as he presides over a period of fiscal austerity and dwindling Conservative Party support.

It is also a watershed moment for Hunt, who was appointed last month to restore the United Kingdom's credibility after predecessor Kwasi Kwarteng's now-infamous mini-budget of unfunded tax cuts caused market chaos and required emergency intervention.

Though Hunt's then-boss Liz Truss resigned quickly, becoming the UK's shortest-serving PM, successor Rishi Sunak kept him on in a bid to ensure stability after months of political turmoil.

Read next: UK inflation returns above 10 percent

Earlier this month, the Bank of England issued a warning that the UK is experiencing the longest recession since records began over a century ago.

According to official data released on Friday, the economy contracted by 0.2% in the third quarter of 2022. The second quarter of negative growth in the future would indicate that the UK is experiencing a technical downturn.

At the end of a decade of near-stagnant income growth, the United Kingdom has become the only Group of Seven (G7) country that has yet to return to pre-pandemic size.

  • United Kingdom
  • Tax evasion
  • Tax hikes
  • Economic recession
  • UK recession
  • Rishi Sunak
  • Liz Truss

Most Read

From previous scenes of the Qassam Brigades targeting an Israeli D9 bulldozer with a Yassin 105 shell, east of Deir al-Balah. (Military Media of the Qassam Brigades)

US knew fatal Rafah blast cause was not Hamas op., says journalist

  • Politics
  • 20 Oct 2025
'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

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

  • Technology
  • 24 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
Flags of Iran, Russia, and China (IRNA)
Politics

Russia, China, Iran send joint letter to IAEA on Resolution 2231 end

Rubio says UNRWA to play no role in Gaza aid deliveries
Politics

Rubio says UNRWA to play no role in Gaza aid deliveries

Tents are seen at UN school used as a shelter for displaced Palestinians in Khan Younis, Tuesday, September 30, 2025. (AP Photo/Jehad Alshrafi)
Politics

UN warns of 'lost generation' amid Gaza education crisis

x
Politics

White House pushes to repeal US sanctions on Syria: Report

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