1/26, 11:42 PM (Source: TeleTrader)
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UK's Hunt to reject pay rises in public sector

British Chancellor of the Exchequer Jeremy Hunt is expected to refuse to introduce tax cuts in his speech about the United Kingdom's economic outlook scheduled for Friday.

According to a report published by the Telegraph on Thursday evening, Hunt will confirm the government plans to stick to the plan presented in his Autumn Statement last year in order to halve inflation. At the same time, Downing Street will continue resisting increasing wages in the public sector, as it considers the measure would only prolong the inflation crisis.

The annual UK inflation rate slipped in recent months from October's 41-year high of 11.1%, albeit remaining at significantly elevated levels.

Baha Breaking News (BBN) / ND