November 13, 2022 11:24 GMT
A think-tank said the former prime minister’s economic plan created half the country’s financial gap.
The economic measures pushed by former British Prime Minister Liz Truss cost the national economy 30 billion pounds ($35.5 billion), or half of current spending. tax holeBased on Treasury ratings, the Decision Foundation reports, an independent research institute.
The organization, quoting the Guardian, confirms that the damage will be greater if the plans of the former prime minister are not canceled during his tenure Short-term.
Of the total figure, experts at the Resolution Foundation point out, £20 billion was to be made Unfunded discounts of documented legal and social security laws, while the remaining 10.000 million is due to higher interest rates and debt costs The government as a result of the negative reaction of the markets.
According to the report, the other half of the financial gap is due to the unexpected bad economic conditions Which means a slowdown and lower tax revenue.
Chancellor of the Exchequer Jeremy Hunt is expected to announce next Thursday tax increaseWith the aim of offsetting £25 billion, in addition to £35 billion in administrative spending cuts.
To a large extent, the measures will be implemented through Threshold freeze of a series of loads. Without adjusting for inflation rate thresholds, the scale assumes that more people will end up paying higher taxes.
- Tax cuts announced under Truss A Huge indebtedness by the government. London was expected to spend £150 billion on subsidizing energy costs for consumers and businesses in the country.
- The program caused a crash national currencyThe rising cost of public debt and the rise in interest rates by the Bank of England.
- Truss subsequently resigned 44 days As Prime Minister, to become the British leader with the shortest term in power.
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