‘Tough selections’: Britain proclaims greater taxes and spending cuts

'Difficult decisions': Britain announces higher taxes and spending cuts

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London
CNN Business
 — 

The United Kingdom has already entered a recession and is battling decades-high inflation, eroding standards of living for millions of people across the country. Now, Britons must also stomach higher taxes and reductions to public services as the government tries to get its finances on more solid footing — underscoring the tough road ahead.

On Thursday, UK Prime Minister Rishi Sunak and finance minister Jeremy Hunt laid out their much-anticipated budget plan aimed at saving £55 billion ($65 billion).

“Credibility cannot be taken for granted,” Hunt said in a speech before Parliament, promoting a “rock-solid commitment” to shoring up public finances, which he acknowledged required “difficult decisions.”

The move marks a major U-turn for the United Kingdom. Less than two months ago, Hunt’s predecessor and former Prime Minister Liz…

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