UK's Hunt to delay another tax cut to plug 72 billion stg black hole-Sunday Times
Reuters
Published Oct 15, 2022 01:30PM ET
LONDON (Reuters) - Britain's new finance minister Jeremy Hunt is to delay a planned reduction to the basic rate of income tax by one year after the country's fiscal watchdog warned that the public finances were in a worse state than expected, the Sunday Times reported.
The newspaper said Hunt would put off for a year a plan to reduce the basic rate of income tax next April, to save 5 billion pounds ($5.6 billion) a year. It said Hunt needed to plug a black hole in the public finances of 72 billion pounds.
($1 = 0.8953 pounds)
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Written By: Reuters
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