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UK to turn page on 'Trussonomics' with budget plan

Jeremy Hunt, British Chancellor of the Exchequer

17 November 2022 13:50 (UTC +04:00)

UK finance minister Jeremy Hunt will bury Britain's failed "Trussonomics" experiment on Thursday by cutting spending and raising taxes, moves that he and prime minister Rishi Sunak say are needed to restore investor confidence, APA reports citing Reuters.

Britain is probably already in a recession with 11 per cent inflation creating a cost-of-living crisis. It is the only Group of Seven nation yet to recover its pre-pandemic size having previously suffered a decade of near-stagnant income growth.

But Hunt has warned of more pain in his budget statement that will represent an abrupt reversal of policy from the unfunded tax cuts promised by former prime minister Liz Truss.