The British finance minister, Jeremy Hunt, announced a large increase in taxes due to the challenging economic situation in Great Britain.
"I'm afraid we're all going to have to pay higher taxes," Hunt said in an interview with Sky News.
He hinted that taxes will increase the most for the richest.
"We have to face the uncomfortable truth that inflation would remain high if everyone's wages were increased in line with inflation. Then inflation would not decrease," Hunt said, according to the German news agency dpa.
On Thursday, he will present the budget plan that the public is eagerly awaiting, reports SEEbiz.
According to the media, the budget lacks about 40 billion pounds (GBP), or 46 billion euros, which Hunt plans to cover by increasing taxes and savings.
In Great Britain, experts predict a long-term recession. Inflation rose over ten percent.
At the same time, the British Conservative government must regain the confidence of the financial markets, which were shaken by the radical and unfunded tax cuts of the previous Prime Minister Liz Truss.
"The way out of this situation is to reduce inflation as quickly as possible, because it is at the heart of your worries, anger and frustration, because your wages are not catching up," Hunt explained.
He stated that his financial plan will reduce inflation, bring high energy prices under control and pave the way for healthy economic growth.
But for that, as Hunt said, savings are needed in the public sector.
In September, a plan by the then finance minister, Kvasi Kvarteng, from the conservative Tras government, which included major tax cuts, sent shockwaves through financial markets and sent the pound crashing.
The event first removed Kvarteng, who was succeeded by Hunt, who immediately announced that the government was abandoning the plans, and then the prime minister.
On October 25, the conservatives entrusted the leadership of the Government to Rishi Sunak.
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