{"id":1737550,"date":"2022-11-14T06:07:06","date_gmt":"2022-11-14T11:07:06","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1737550"},"modified":"2022-11-14T07:33:34","modified_gmt":"2022-11-14T12:33:34","slug":"everyone-will-need-to-pay-a-bit-more-tax-u-k-chancellor-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/everyone-will-need-to-pay-a-bit-more-tax-u-k-chancellor-says\/","title":{"rendered":"Everyone Will Need to Pay &#8220;A Bit More Tax,&#8221; U.K. Chancellor Says"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Feveryone-will-need-to-pay-a-bit-more-tax-u-k-chancellor-says%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1737550&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Everyone in the UK will need to pay \u201ca bit more tax\u201d as the country seeks to balance its books, Chancellor of the Exchequer <a href=\"https:\/\/www.theepochtimes.com\/t-jeremy-hunt\">Jeremy Hunt<\/a> has said.<\/p>\n<p>Hunt, who is set to deliver his autumn budget on Nov. 17, has declared he will be playing Scrooge as he sets out his vision to restore financial \u201cstability\u201d and deliver \u201ccertainty\u201d to families and businesses.<\/p>\n<p>Talking to Sky News on Nov. 13, Hunt said: \u201cWe\u2019re all going to be paying a bit more tax, I\u2019m afraid.\u201d<\/p>\n<p>He said his plan will \u201chelp bring down inflation, help control high energy prices, and also get our way back to growing healthily.\u201d<\/p>\n<h2>Tax U-turn<\/h2>\n<p>Hunt\u2019s tax and fiscal policies stand in stark contrast to those of his predecessor <a href=\"https:\/\/www.theepochtimes.com\/t-kwasi-kwarteng\">Kwasi Kwarteng<\/a> and former Prime Minister Liz Truss.<\/p>\n<p>After Truss became prime minister on Sept. 5, she set out to implement her economic vision for the UK to become a \u201clow-tax, high-growth economy that would take advantage of the freedoms of Brexit.\u201d<\/p>\n<p>Her government used the \u201cmini-budget,\u201d delivered by Kwarteng on Sept. 23, to jump-start her new economic programme\u2014nicknamed \u201cTrussonomics\u201d\u2014with massive <a href=\"https:\/\/www.theepochtimes.com\/t-tax-cuts\">tax cuts<\/a> worth \u00a345 billion ($50 billion).<\/p>\n<p>But it went badly wrong, as her plan to fund the tax cuts with government borrowing instead of spending cuts led to fears of unsustainable government debt levels. The ensuing turmoil in the financial markets caused the pound to fall steeply against the dollar and led to an increase in borrowing costs for both the government and British households.<\/p>\n<p>Under pressure, Truss sacked Kwarteng and was forced to resign as prime minister soon afterwards.<\/p>\n<p>In an interview with the Sunday Times, Hunt said the \u201ctragedy\u201d of Trussonomics was that both Truss and Kwarteng had the right idea about boosting growth.<\/p>\n<p>But he said it was a \u201cmistake\u201d to act without showing \u201cwe can pay our way as a country,\u201d adding that he will \u201cput people ahead of ideology.\u201d<\/p>\n<h2>Recession Fears<\/h2>\n<p>According to the latest release from the Office for National Statistics (ONS), the UK\u2019s gross domestic product (GDP) shrank by about 0.2 percent between July and September.<\/p>\n<p>If the economy also shrinks in the final three months of this year, as experts predict, it would push the economy into a recession.<\/p>\n<p>The Bank of England (BoE), the UK\u2019s central bank, said last week that the UK could be on course for the longest recession since reliable records began in the 1920s.<\/p>\n<p>The country\u2019s GDP could shrink every quarter for two years, with growth only coming back in the middle of 2024, the BoE said.<\/p>\n<p>Hunt told Times Radio that he wants to make any potential recession as \u201cpainless\u201d as possible.<\/p>\n<p>The chancellor confirmed the government will continue to help people with their energy bills after April, but said there will be \u201csome constraints\u201d to this as the government cannot expose British public finances to the volatility of the international gas market.<\/p>\n<p>Meanwhile, the main opposition Labour Party called on Hunt to make \u201cfair choices\u201d in his budget and not to put the whole burden on \u201cordinary working people.\u201d<\/p>\n<p>Shadow chancellor Rachel Reeves warned public services are \u201con their knees,\u201d insisting that \u201causterity 2.0\u201d is not the right way forward.<\/p>\n<p><em>PA Media contributed to this report.<\/em><\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-alexander-zhang\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Screen-Shot-2020-07-10-at-2.30.01-PM.jpg\" alt=\"Alexander Zhang\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Everyone in the UK will need to pay \u201ca bit more tax\u201d as the country seeks to balance its books, Chancellor of the Exchequer Jeremy Hunt has said.Hunt, who is<\/p>\n","protected":false},"author":1,"featured_media":1545470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1737550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1737550","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1737550"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1737550\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1545470"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1737550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1737550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1737550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}