Britain unveils anti-inflation budget as recession looms
India Today
Britain has unveiled an anti-inflation budget amid fears of recession.
The UK's new government unveils Friday multibillion-pound measures aimed at supporting households and businesses hit by decades-high inflation. Finance minister Kwasi Kwarteng, fresh from being appointed by new Prime Minister Liz Truss, will deliver his mini-budget at 0830 GMT.
Kwarteng announced late Thursday he will scrap Truss's predecessor Boris Johnson's plan to hike taxes on salaries.
The news came after the Bank of England warned that Britain was slipping into recession, as rocketing fuel and food prices take their toll.
"Taxing our way to prosperity has never worked," the Chancellor of the Exchequer said.
"To raise living standards for all, we need to be unapologetic about growing our economy.
"Cutting tax is crucial to this."
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