Finance minister Jeremy Hunt says the budget deficit which has soared after the COVID-19 pandemic and Russia’s invasion of Ukraine needs to be brought down
“You don’t want to do things that make any recession that you may be in worse,” Hunt told Sky News on Sunday.
The Sunday Times said Hunt planned to tackle a 55 billion-pound hole in Britain’s budget by freezing thresholds and allowances on income tax, national insurance, inheritance tax and pensions for a further two years. Asked about spending cuts, Hunt said a strong economy needed good public services and cuts would be made in “balanced way”.“I’m arguing for two things: both fairer choices on taxes, but also crucially, a plan for growth,” she told Sky News.
He also said he would set out a long-term plan for energy after Russia’s invasion of Ukraine led to a surge in gas prices which has forced the government to spend tens of billions of pounds to shield households from the worst of the surge.
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