Britain’s Chancellor of the Exchequer, Jeremy Hunt, said on Sunday that “very difficult decisions” would be made in the days before his budget was presented, warning that taxes would rise in the face of rising costs of living.
“There are some very difficult decisions ahead, but we are a resilient country and, frankly, we have faced even greater challenges in our history,” Hunt told Sky News when the United Kingdom paid tribute to war victims on Sunday.
Inflation in the United Kingdom has exceeded ten percent. Due to rising energy prices, many families are struggling to pay their bills and are afraid to turn on the heat.
“I’m afraid we’re all going to have to pay slightly higher taxes,” said Hunt, who is due to submit his budget on Thursday.
Hunt’s budget is awaited in the UK after the failure of the “mini-budget” presented by the government of Liz Terrace in September caused markets to panic with the announcement of huge tax cuts and lack of funding for them.
To calm the storm, he appointed Jeremy Hunt as Secretary of the Treasury.
He was due to present the new budget plan on 3 October, but when appointed by Rishi Sunak, who became prime minister, he said it would be “prudent” to delay the presentation of the budget until 17 November.
“We will ask everyone to make sacrifices,” Hunt said. “But I think that in a fair society, like in the UK, it needs to be recognized that we cannot demand too much from people with low incomes, and I take this into account” . in the decisions I make.”
British newspapers reported that Hunt would announce a change in tax rates to tax the wealthy of the rich while slashing the government’s budget.
