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Fix public finance before cutting taxes

Fix public finance before cutting taxes

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Global Business Review Magazine
Saturday, June 10, 2023
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Fix public finance before cutting taxes

Fix public finance before cutting taxes

British finance minister Rishi Sunak said that tax cuts could only come once public finances had been put on a sustainable footing. The government had set out plans to raise taxes on workers, employers and some investors. This is for fixing a health and social care funding crisis. Speaking in a hall at the governing Conservative Party’s annual conference in the northern English city of Manchester, Sunak said that he believed in fiscal responsibility.

He stated that there can be no prosperous future unless it is built on the foundation of strong public finances. He has to be blunt that their recovery comes with a cost. The national debt is almost 100% of GDP. Hence, they need to fix their public finances. He wants tax cuts, but in order to do that their public finances must be put back on a sustainable footing.

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Sunak will give a half-yearly update on the public finances and economic outlook. He is also expected to outline longer-term public spending plans. This is after his massive coronavirus pandemic stimulus package.

Tags: BritainInvestmentRishi SunakUnited Kingdom
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Recent News

Investors caught off guard as Bank of Canada’s inflation indicator fails

BoC sets rates to two-decade peak with room for more

US markets’ slump deepens to a half-year peak; its consequences

US markets’ slump deepens to a half-year peak; its consequences

Dollar edges up as jolt from Fed minutes wanes

Dollar unflinchingly holds position amid uncharted numbers

Deutsche Bank snapped by Credit Suisse

Timeline until: Credit Suisse stumbled and UBS went to its aid

Relentless debt: US loans are dragging; root cause multiplies

Relentless debt: US loans are dragging; root cause multiplies

UK to slash bond issuance

Banks toss bets for high-jeopardy bonds

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • BoC sets rates to two-decade peak with room for more
  • US markets’ slump deepens to a half-year peak; its consequences
  • Dollar unflinchingly holds position amid uncharted numbers
  • Timeline until: Credit Suisse stumbled and UBS went to its aid
  • Relentless debt: US loans are dragging; root cause multiplies

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