U.K. Announces Tax Hikes And Spending Cuts To Restore Finances

Treasury chief Jeremy Hunt imposed $65 billion in tax increases and spending cuts as the U.K. looks to put its finances on a sustainable path.

Millions of British people face higher taxes and steeper energy bills after the government announced an emergency budget on Thursday aimed at restoring the country’s economic credibility and shoring up its battered public finances.

Treasury chief Jeremy Hunt promised to protect the most vulnerable, including pensioners and those on low incomes, and increase funding for core public services like health and education, even as he imposed $65 billion in tax increases and spending cuts.

Hunt acknowledged he was delivering “a substantial tax increase,” with measures that include higher taxes on top earners and levies on some businesses.