New UK Chancellor Jeremy Hunt has dramatically scaled back support for household energy bills and ditched tax cuts promised by his predecessor Kwasi Kwarteng as he seeks to restore stability following weeks of turmoil on the financial markets. In an…
UK: Jeremy Hunt replaces Kwasi Kwarteng as finance minister
British Prime Minister Liz Truss on Friday dismissed Finance Minister Kwasi Kwarteng. She named former Foreign Minister Jeremy Hunt as his replacement. The prime minister replied: “I deeply respect the decision you have taken today. You have put the national…
UK finance minister cuts short US trip for emergency talks
The UK’s Chancellor of the Exchequer Kwasi Kwarteng was making an early return on Friday for urgent talks withPrime Minister Liz Truss about economic policy. The pair are scrambling to reassure markets and lawmakers after a September 23 tax-cutting “mini-budget”…
Income tax to be cut by 1p from April
The Chancellor has announced the basic rate of income tax will be cut from 20p to 19p from April next year. Kwasi Kwarteng said the cut in the tax people pay on earnings to 19% would benefit more than 31…