10/17/2022, 12:12 PM (Source: TeleTrader)
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Hunt: UK to reverse most mini-budget tax measures

British Chancellor of the Exchequer Jeremy Hunt announced on Monday that the government will reverse "almost all tax measures" from the mini-budget that have not started parliamentary legislation. These include the reduction in the basic rate of income tax and dividend tax rates, as well as the VAT-free shopping scheme for non-UK visitors.

Hunt added that the energy price guarantee will remain in place until April 2023, after which "it would not be responsible to continue exposing public finances to unlimited volatility in international gas prices" and a new set of measures will be introduced. "There will be more difficult decisions, I'm afraid, on both tax and spending as we deliver our commitment to get debt falling as a share of the economy over the medium term," he cautioned, vowing to protect "the most vulnerable" as spending measures are cut.

Baha Breaking News (BBN) / DJ