After a demoralising electoral thrashing, the Tories, still licking their wounds, are faced with the proposition of choosing the next party leader. Rishi Sunak on Friday (Jul 5) announced that he would be stepping down as the Tory leader once the formal arrangements for selecting his successor were in place.&nbsp;

At this stage, it remains unclear who will replace Sunak as the Tory leader as several expected frontrunners, including Penny Mordaunt,&nbsp;ex-Defence Secretary&nbsp;Grant Shapps and former Transport Secretary Mark Harper have lost their constituencies.

Outgoing Chancellor Jeremy Hunt has already ruled himself out of the race, saying "time has passed", referring to the previous two instances when he contested for the position unsuccessfully.&nbsp;&nbsp;

Hunt is one of the most experienced of the surviving Tory MPs.&nbsp;He first became chancellor under Liz Truss’s short-lived premiership after she was forced to ditch Kwasi Kwarteng following an ill-judged budget.

<h2>Suella Braverman</h2>

With Hunt out of the way, Suella Braverman - another alumnus&nbsp;of the Truss&nbsp;administration, is being touted as the possible choice to replace Sunak. Having served as home secretary under the last two PMs, she could be the most hardcore right-wing candidate for the job.&nbsp;

<h2>Boris Johnson</h2>

Having served as the PM during a tumultuous three-year period between 2019 to 2022, Boris Johnson remains the dark horse for the job. Despite his unceremonious exit owing to Partygate, Johnson enjoys significant support amongst the Tories, as was visible at a rally&nbsp;just before the polling day.&nbsp;

<a href="https://www.wionews.com/videos/uk-election-results-2024-pro-gaza-candidates-dent-labours-election-victory-738601">Watch |&nbsp;UK Election Results 2024: Pro-Gaza candidates dent Labour's election victory</a>

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<h2>Priti Patel</h2>

Priti Patel served as the home secretary when Boris Johnson was in No. 10. However, since then, Patel has remained on the sidelines, observing the self-implosion by the Sunak administration. She went to war alongside Johnson on the 'Rwanda asylum plan' and hence her promotion as the party chief could bind the Tories together.&nbsp;

<h2>James Cleverly</h2>

Another former home secretary, James Cleverly, has an extensive CV that makes him one of the top choices for the job. However, he is known for taking a centrist stance on numerous Tory policies. Up until now, he has not denied calling the Rwanda policy "bats**t" which could somewhat dent his chances.&nbsp;

<a href="https://www.wionews.com/world/uk-elections-2024-indian-origin-candidates-who-have-secured-a-seat-in-the-house-738191">Also read |&nbsp;UK Elections 2024: Indian-origin candidates who have secured a seat in the House</a>

<h2>Tom Tugendhat</h2>

Tom&nbsp;Tugendhat ran for the top party position in 2022 and finished fifth. Regarded as one of the most centrist leaders,&nbsp;Tugendhat has chaired the&nbsp;Foreign Affairs Committee previously and could have an outside chance of being Sunak's successor.&nbsp;

In the meantime, Sunak, the outgoing Conservative leader has appointed a new interim chief whip to hold Keir Starmer's new Labour government accountable.&nbsp;The former prime minister appointed Stuart Andrew to the position as part of his duties overseeing the transition of the Conservatives into the Opposition.&nbsp;

(With inputs from agencies)

After a demoralising electoral thrashing, the Tories, still licking their wounds, are faced with the proposition of choosing the next party leader. Rishi Sunak on Friday (Jul 5) announced that he would be stepping down as the Tory leader once the formal arrangements for selecting his successor were in place.

After a demoralising electoral thrashing, the Tories, still licking their wounds, are faced with the proposition of choosing the next party leader. Rishi Sunak on Friday (Jul 5) announced that he would be stepping down as the Tory leader once the formal arrangements for selecting his successor were in place. At this stage, it remains unclear who will replace Sunak as the Tory leader as several expected frontrunners, including Penny Mordaunt, ex-Defence Secretary Grant Shapps and former Transport Secretary Mark Harper have lost their constituencies. Outgoing Chancellor Jeremy Hunt has already ruled himself out of the race, saying "time has passed", referring to the previous two instances when he contested for the position unsuccessfully. Hunt is one of the most experienced of the surviving Tory MPs. He first became chancellor under Liz Truss’s short-lived premiership after she was forced to ditch Kwasi Kwarteng following an ill-judged budget. Suella Braverman With Hunt out of the way, Suella Braverman - another alumnus of the Truss administration, is being touted as the possible choice to replace Sunak. Having served as home secretary under the last two PMs, she could be the most hardcore right-wing candidate for the job. Boris Johnson Having served as the PM during a tumultuous three-year period between 2019 to 2022, Boris Johnson remains the dark horse for the job. Despite his unceremonious exit owing to Partygate, Johnson enjoys significant support amongst the Tories, as was visible at a rally just before the polling day. Watch | UK Election Results 2024: Pro-Gaza candidates dent Labour's election victory × Priti Patel Priti Patel served as the home secretary when Boris Johnson was in No. 10. However, since then, Patel has remained on the sidelines, observing the self-implosion by the Sunak administration. She went to war alongside Johnson on the 'Rwanda asylum plan' and hence her promotion as the party chief could bind the Tories together. James Cleverly Another former home secretary, James Cleverly, has an extensive CV that makes him one of the top choices for the job. However, he is known for taking a centrist stance on numerous Tory policies. Up until now, he has not denied calling the Rwanda policy "bats**t" which could somewhat dent his chances. Also read | UK Elections 2024: Indian-origin candidates who have secured a seat in the House Tom Tugendhat Tom Tugendhat ran for the top party position in 2022 and finished fifth. Regarded as one of the most centrist leaders, Tugendhat has chaired the Foreign Affairs Committee previously and could have an outside chance of being Sunak's successor. In the meantime, Sunak, the outgoing Conservative leader has appointed a new interim chief whip to hold Keir Starmer's new Labour government accountable. The former prime minister appointed Stuart Andrew to the position as part of his duties overseeing the transition of the Conservatives into the Opposition. (With inputs from agencies)

Who'll replace Rishi Sunak as next Tory leader? Here are the top five candidates

The United Kingdom's Chancellor Jeremy Hunt has hinted at elections in October addressing the House of Lords on Tuesday.

UK: Jeremy Hunt hints at deadline for polls

UK Finance Minister Jeremy Hunt has presented a crucial pre-election budget. This is possibly the final fiscal event before what is set to be a challenging general election for the ruling conservative party. Hunt has announced that the government will abolish the non-domiciled tax status, implementing a long-standing policy priority for the main opposition labour party. Watch to know more!

UK Finance Minister Jeremy Hunt announces tax cut of 2 pence off National Insurance

Jeremy Hunt, the United Kingdom's chancellor of the Exchequer has rolled out an election-year budget that was designed to give his Conservative Party a boost in the polls ahead of the next general election while not spooking the markets.

UK Spring Budget: Jeremy Hunt announces a tax cut of 2 pence off National Insurance

UK: Jeremy Hunt presents Spring Budget 2024

UK Finance Minister Jeremy Hunt has presented a crucial pre-election budget. This is possibly the final fiscal event before what is set to be a challenging general election for the ruling conservative party. Hunt has announced that the government will abolish the non-domiciled tax status, implementing a long-standing policy priority for the main opposition labour party.

UK: Tories present spring budget, abolish non-domiciled tax status

Jeremy Hunt, the United Kingdom’s chancellor of the Exchequer, is poised to deliver his spring budget as the country prepares itself for the likelihood of a general election this year.

UK: Finance Minister Jeremy Hunt to present spring budget

UK chancellor Jeremy Hunt has announced that the 2024 Spring Budget will be held on March 6, leaving the door ajar for a possible early general election in May.

UK government's tax cut plans ahead of budget

UK Spring Budget: Jeremy Hunt to introduce potential tax cuts

Jeremy Hunt, the finance minister of the United Kingdom, announced on Wednesday that 27 million workers would have their National Insurance paid at a lower rate of 10% instead of 12% in his Autumn Statement budget announcements.

Autumn Statement: UK's Jeremy Hunt announces tax cuts | WION

British Chancellor of the Exchequer Jeremy Hunt may stand down as Member of the Parliament (MP) before the next elections, reported The Guardian citing senior members of the Conservative Party. Hunt has been selected for the new constituency of Godalming and Ash after his Surrey seat was dissolved and split in accordance with boundary changes.

According to his spokesperson on Friday, Hunt maintains that he would stand. However, byelection defeats are mounting for Conservative Party. Labour Party's poll leads are solidifying. The Observer has said citing senior local and national sources that it is expected that Hunt would step down much nearer to the polls.

Guardian quoted an unnamed former minister who said that with the possibility of Labour Party forming a government, prospects for Hunt were not attractive.

“Barring a miracle [of the Tories winning and forming another government], I can’t see Jeremy wanting to be in opposition under a new leader. And if he loses, he will be the biggest scalp on election night. That is not a departure anyone would want. People in Surrey are saying he will not stand,” the former minister said.

In case Hunt stands down, it would throw up a question about whether he can remain chancellor as elections approach.

Before entering politics, Hunt was a successful businessman. He would expect an elevation to the House of Lords if he leaves the Commons. This would allow him to retain a political role along with his commercial interests.

“Of course Jeremy cannot say so now, but I think he won’t stand. It is not uncommon to pull out having said you will stand, citing changes of circumstances. Short of turning things round and winning, and him remaining chancellor, which is not exactly likely, there is nothing in it for him,” said another former minister from the Conservative Party as quoted by The Guardian.

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British Chancellor of the Exchequer Jeremy Hunt may stand down as Member of the Parliament (MP) before the next elections, reported The Guardian citing senior members of the Conservative Party.

British Chancellor of the Exchequer Jeremy Hunt may stand down as Member of the Parliament (MP) before the next elections, reported The Guardian citing senior members of the Conservative Party. Hunt has been selected for the new constituency of Godalming and Ash after his Surrey seat was dissolved and split in accordance with boundary changes. According to his spokesperson on Friday, Hunt maintains that he would stand. However, byelection defeats are mounting for Conservative Party. Labour Party's poll leads are solidifying. The Observer has said citing senior local and national sources that it is expected that Hunt would step down much nearer to the polls. Guardian quoted an unnamed former minister who said that with the possibility of Labour Party forming a government, prospects for Hunt were not attractive. “Barring a miracle [of the Tories winning and forming another government], I can’t see Jeremy wanting to be in opposition under a new leader. And if he loses, he will be the biggest scalp on election night. That is not a departure anyone would want. People in Surrey are saying he will not stand,” the former minister said. In case Hunt stands down, it would throw up a question about whether he can remain chancellor as elections approach. Before entering politics, Hunt was a successful businessman. He would expect an elevation to the House of Lords if he leaves the Commons. This would allow him to retain a political role along with his commercial interests. “Of course Jeremy cannot say so now, but I think he won’t stand. It is not uncommon to pull out having said you will stand, citing changes of circumstances. Short of turning things round and winning, and him remaining chancellor, which is not exactly likely, there is nothing in it for him,” said another former minister from the Conservative Party as quoted by The Guardian. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

UK Chancellor Jeremy Hunt may step down as MP before election: Report

British Chancellor of the exchequer Jeremy Hunt is being accused of abandoning children affected by the concrete crisis in the UK. Well, this is because the government admitted the fact that there won't be any extra funding for for the education budget to cover the repair costs and the closures.

UK Government say no new cash to fix RAAC in schools

British Chancellor of the Exchequer Jeremy Hunt, on Sunday (September 3) vowed to “spend what it takes” to deal with the crumbling school buildings and said that the United Kingdom government will move to fix the unsafe infrastructure quickly. This comes days after more than 100 schools across England were forced to shut down over safety concerns as they were found to be made with a certain type of concrete that is prone to collapse.&nbsp;

<h2>‘Extremely quickly’</h2>

In interviews with the British media, on Sunday morning, Hunt said that the majority of the 104 affected schools will be able to operate largely normally. “We will spend what it takes to sort out this problem as quickly as possible,” the British finance minister told BBC.&nbsp;

Last week, the UK government issued an order to around 104 schools or “settings” &nbsp;– out of the more than 20,000 schools in England – that require urgent action after they were said to have been made with <a href="https://www.wionews.com/world/explained-over-100-schools-across-england-forced-to-shut-down-after-being-made-with-raac-concrete-heres-why-631297">Reinforced Autoclaved Aerated Concrete or RAAC </a>and found to be at risk of collapse.

The announcement has left the institutes scrambling to make arrangements to continue teaching and angered parents as the order was issued days before the start of the autumn term, as per British media reports.&nbsp;

<h2>Fear&nbsp;of asbestos amid RAAC crisis</h2>

During the interviews on Sunday, Hunt also admitted that the government is also in the midst of responding to the longstanding asbestos problem in schools that is believed to be present in some of the same buildings affected by the RAAC concrete. This could further complicate the matter.&nbsp;

“We have 22,000 schools in the country and there has been since that incident a huge programme going through this Raac/asbestos issue because we want to be absolutely sure that every child is safe,” Hunt told Sky News after being asked if parents could be confident their child would be safe.&nbsp;

<h2>What is the concrete issue&nbsp;in UK about?</h2>

The UK government has also come under fire as they are yet to release the list of the schools affected while British Education Secretary Gillian Keegan previously said that the affected schools would contact parents directly and that “If you don’t hear, don’t worry.”&nbsp;

This has also prompted demands for transparency over the extent of the consequences of RAAC in public buildings over the weekend.&nbsp;

The RAAC is essentially a lightweight form of concrete which according to the UK government’s website was used to build roofs, schools, colleges and other buildings from the 1950s until the mid-1990s, but has since been found to be at risk of collapse.

It has also been described as “80 per cent air” and is said to have a lifespan of around 30 years. Shadow education secretary from the opposition Labour Party Bridget Phillipson took to X (formerly Twitter) and said, “The government has spent the summer sitting on its hands as the concrete crumbles in our schools.” 
 
 
 
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British Chancellor of the Exchequer Jeremy Hunt, on Sunday (September 3) vowed to “spend what it takes” to deal with the crumbling school buildings and said that the United Kingdom government will move to fix the unsafe infrastructure quickly.

British Chancellor of the Exchequer Jeremy Hunt, on Sunday (September 3) vowed to “spend what it takes” to deal with the crumbling school buildings and said that the United Kingdom government will move to fix the unsafe infrastructure quickly. This comes days after more than 100 schools across England were forced to shut down over safety concerns as they were found to be made with a certain type of concrete that is prone to collapse. ‘Extremely quickly’ In interviews with the British media, on Sunday morning, Hunt said that the majority of the 104 affected schools will be able to operate largely normally. “We will spend what it takes to sort out this problem as quickly as possible,” the British finance minister told BBC. Last week, the UK government issued an order to around 104 schools or “settings” – out of the more than 20,000 schools in England – that require urgent action after they were said to have been made with Reinforced Autoclaved Aerated Concrete or RAAC and found to be at risk of collapse. The announcement has left the institutes scrambling to make arrangements to continue teaching and angered parents as the order was issued days before the start of the autumn term, as per British media reports. Fear of asbestos amid RAAC crisis During the interviews on Sunday, Hunt also admitted that the government is also in the midst of responding to the longstanding asbestos problem in schools that is believed to be present in some of the same buildings affected by the RAAC concrete. This could further complicate the matter. “We have 22,000 schools in the country and there has been since that incident a huge programme going through this Raac/asbestos issue because we want to be absolutely sure that every child is safe,” Hunt told Sky News after being asked if parents could be confident their child would be safe. What is the concrete issue in UK about? The UK government has also come under fire as they are yet to release the list of the schools affected while British Education Secretary Gillian Keegan previously said that the affected schools would contact parents directly and that “If you don’t hear, don’t worry.” This has also prompted demands for transparency over the extent of the consequences of RAAC in public buildings over the weekend. The RAAC is essentially a lightweight form of concrete which according to the UK government’s website was used to build roofs, schools, colleges and other buildings from the 1950s until the mid-1990s, but has since been found to be at risk of collapse. It has also been described as “80 per cent air” and is said to have a lifespan of around 30 years. Shadow education secretary from the opposition Labour Party Bridget Phillipson took to X (formerly Twitter) and said, “The government has spent the summer sitting on its hands as the concrete crumbles in our schools.” WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

RAAC concrete crisis: UK govt vows to ‘spend what it takes’ to deal with crumbling school buildings

Amid growing concerns in government about the threat facing the UK car industry as it transforms towards electric vehicles, the Treasury has drawn up a package of incentives to pursue Jaguar Land Rover to invest in the UK. The mastermind behind this move is Jeremy Hunt, Chancellor of the Exchequer.

Jeremy Hunt offers Jaguar-Land Rover £500 million to keep factory in UK

Chancellor Jeremy Hunt has set out plans to get over 50s and parents of young children back to work to get the economy growing again. He announced a big expansion of free childcare in his Budget and measures aimed at over-50s who have not returned to work after the pandemic.

Budget 2023: Jeremy Hunt seeks to tempt parents and over-50s back to work

UK's economy is set to avoid a recession in 2023 but will still contract this year, finance minister Jeremy Hunt said on Wednesday as he made a budget speech which included measures to speed up economic growth.

UK budget: Economy set to avoid recession this year, says Jeremy Hunt

UK government led by Rishi Sunak will unveil a cost-of-living budget on Wednesday. The UK chancellor the exchequer Jeremy Hunt will deliver his tax and spending plan to parliament later this afternoon (local time). Jeremy Hunt in a bid to bring back Britons aged over 50 to the job market has added increased childcare funding and proposals in his budget. The chancellor will offer 30 hours of free childcare for one- and two-year-olds.

UK Chancellor Hunt’s budget to focus on cost-of-living crisis, free childcare expansion

British Chancellor Jeremy Hunt has expressed the importance of impartiality at the BBC a day after Sports presenter Gary Lineker was taken off air for his tweet criticizing UK's recent Asylum policy. BBC believes that Lineker's tweet breached its editorial guidelines.

UK Chancellor Jeremy Hunt expresses importance of impartiality

The British government's defence spending is set to be increased by more than £1 billion ($1.21 billion) so that there is no real-terms cut in the next two years, reported the Telegraph newspaper on Saturday.

According to the report, the increment in the budget will be announced by UK's Finance Minister Jeremy Hunt in the spring.&nbsp;

According to the newspaper, as per the estimate of military experts, the budget of the Ministry of Defence must increase from £48.6 billion to £50.1 billion in 2024-25 to avoid real-terms cut as the country's inflation continues to remain more than 10%.

ALSO READ| <a href="https://www.wionews.com/world/uk-pm-rishi-sunak-asks-a-homeless-man-if-he-works-in-business-labour-calls-it-excruciating-546365">UK PM Rishi Sunak asks a homeless man if he works in 'business', Labour calls it 'excruciating'</a>

In the autumn budget presented last month, Hunt said that the requirement of increasing the defence budget has been recognised by the government and confirmed that the budget will be maintained at least 2% of the gross domestic product in accordance with NATO.&nbsp;

"We have one of the largest defence budgets in Europe and in 2020 we announced the biggest increase to defence spending since the Cold War," said a government spokesperson while speaking to Reuters.

The spokesperson further stated that any increase in the defence budget will be considered in the next integrated review's part, which will also lay out the country's foreign policy, security and defence priorities in the spring.&nbsp;

WATCH| WION Dispatch: UK economy shrinking more than expected

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The announcement of an increase in defence spending will be seen as Defence Secretary Ben Wallace's victory, who was pushing hard for this in the past year.

Royal United Services Institute's deputy director-general Prof Malcolm Chalmers, while speaking to The Telegraph said, “It looks as if the Chancellor in his Spring Budget will provide enough money to maintain the core defence budget in real terms over the next two years. And indeed the Government has already committed to doing that next year.”&nbsp;&nbsp;

(With inputs from agencies)

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The British government's defence spending is set to be increased by more than £1 billion ($1.21 billion) so that there is no real-terms cut in the next two years, reported the Telegraph newspaper on Saturday.

The British government's defence spending is set to be increased by more than £1 billion ($1.21 billion) so that there is no real-terms cut in the next two years, reported the Telegraph newspaper on Saturday. According to the report, the increment in the budget will be announced by UK's Finance Minister Jeremy Hunt in the spring. According to the newspaper, as per the estimate of military experts, the budget of the Ministry of Defence must increase from £48.6 billion to £50.1 billion in 2024-25 to avoid real-terms cut as the country's inflation continues to remain more than 10%. ALSO READ| UK PM Rishi Sunak asks a homeless man if he works in 'business', Labour calls it 'excruciating' In the autumn budget presented last month, Hunt said that the requirement of increasing the defence budget has been recognised by the government and confirmed that the budget will be maintained at least 2% of the gross domestic product in accordance with NATO. "We have one of the largest defence budgets in Europe and in 2020 we announced the biggest increase to defence spending since the Cold War," said a government spokesperson while speaking to Reuters. The spokesperson further stated that any increase in the defence budget will be considered in the next integrated review's part, which will also lay out the country's foreign policy, security and defence priorities in the spring. WATCH| WION Dispatch: UK economy shrinking more than expected The announcement of an increase in defence spending will be seen as Defence Secretary Ben Wallace's victory, who was pushing hard for this in the past year. Royal United Services Institute's deputy director-general Prof Malcolm Chalmers, while speaking to The Telegraph said, “It looks as if the Chancellor in his Spring Budget will provide enough money to maintain the core defence budget in real terms over the next two years. And indeed the Government has already committed to doing that next year.” (With inputs from agencies)

Britain to increase defence spending by more than £1 billion: report

The United Kingdom’s Chancellor of the Exchequer, Jeremy Hunt unveiled a number of post-Brexit reforms to City policy, on Friday, referred to as the “Edinburgh reforms”. The announcement was made at an industry roundtable with a group of chief executives from banks and insurers. The over-30-point package partially proposes to reform rules which were introduced after the 2008 financial crisis to protect savers and taxpayers.&nbsp;

The reforms were dubbed the post-Brexit “Big Bang 2.0” by Hunt’s predecessor Kwasi Kwarteng and are reportedly some of the biggest changes since former UK PM Margaret Thatcher's wave of deregulation in the 1980s. More than 30 regulatory reforms will “unlock investment and turbocharge growth in towns and cities across the UK”, said the Treasury, in a statement. &nbsp;&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/uk-set-to-announce-post-brexit-reforms-in-financial-services-541428">UK set to announce post-Brexit reforms in financial services</a>

The proposal encompasses a number of plans including consulting on a new central bank digital currency to change tax rules for investment trusts in real estate. Hunt also outlines plans to “repeal, and replace, hundreds of pages of burdensome EU retained laws governing financial services”, in a bid to make the UK one of the “most open, dynamic and competitive financial services hubs in the world.”&nbsp;

“The Edinburgh Reforms seize on our Brexit freedoms to deliver an agile and home-grown regulatory regime that works in the interest of British people and our businesses,” said Hunt, in a statement. These rules, once created to safeguard people from the financial crisis are now seen as a hindrance to London’s banks and insurers compared to their peers across the world.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/rishi-sunak-reportedly-considering-building-swiss-style-economic-relationship-with-eu-535696">Rishi Sunak considering building Swiss-style economic relationship with EU</a>

One of the provisions created in the wake of the 2008 crisis was the ring-fencing rule&nbsp;which separated customer deposits from riskier investment banking operations with the aim to protect them. The Treasury claims that these rules are particularly burdensome on lenders who wish to change them, “while maintaining protections for depositors,” the statement added. &nbsp;

Furthermore, the government will also launch a consultation about regulating rating agencies which review the performance of various companies along environmental, social and governance issues (ESG) to ensure these products are transparent and use consistent standards.&nbsp;

The Edinburgh Reforms also include a number of consultations and discussions around the Consumer Credit Act which regulates credit card purchases and personal loans, a provision which dates back to the 1970s in a bid to “modernise” it.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/rishi-sunak-government-lowers-income-tax-threshold-amid-economic-downfall-535076">Rishi Sunak government lowers income tax threshold amid economic downfall</a>

Another reform which will be under review as a part of the 30-point plan is the “senior managers' regime” which holds managers and bosses personally and financially responsible for infractions, which Hunts believes in its current form, is too burdensome.&nbsp;

However, the incumbent chancellor has also said that he was mindful of the lessons from the 2008 crisis which brought some UK banks to the brink of potential collapse and that he has taken these steps “very carefully”. &nbsp;

“We have to make sure that we do not unlearn the lessons of 2008, but at the same time recognise that banks today have much stronger balance sheets, and we have a much stronger resolution system if things do go wrong,” said Hunt, during the Financial Times’ Global Boardroom webinar, when asked about the potential risks of these reforms.&nbsp;

UK Prime Minister Rishi Sunak about the “Edinburgh Reforms”

The incumbent UK PM and former finance minister, Rishi Sunak said that the services of the financial sector remain “robust” despite relaxation in banking safeguards.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/gravitas-has-liz-truss-exit-vindicated-rishi-sunak-527221">Gravitas: Has Liz Truss' exit vindicated Rishi Sunak?</a>

“No, the UK has always had and always will have an incredibly respected and robust system of regulation for the financial services sector,” he told the press in response to the potential risks and when asked if he was being reckless by announcing the relaxation of rules on investment banks.&nbsp;

He added, “But it's also important to make sure the industry is competitive. There are a million people employed in financial services and they're not just in London, in the city. They're spread across the country, in Edinburgh, in Belfast, in Leeds, in Bournemouth.”&nbsp;

The UK PM who was on a visit to RAF Coningsby in Lincolnshire, also insisted that these reforms will ensure the industry remains competitive, create more jobs, and will always be a safe place where consumers will be protected.

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Criticism and opposition to the reforms

There has been criticism regarding these reforms, many of which are seemingly in reference to Sunak’s predecessor, <a href="https://www.wionews.com/world/a-44-day-stint-as-pm-putting-uk-economy-into-turmoil-entitles-liz-truss-to-129000-a-year-527584">Liz Truss’ economic plans</a> which have left a lasting impact on the British economy. “We’ve been promised a Big Bang 2.0 on three occasions now, by three different Conservative chancellors,” said the opposition Labour party MP and shadow City minister, Tulip Siddiq.&nbsp;

She added, “The Conservatives have done untold damage to the UK’s global competitiveness and market confidence not just over the last 12 weeks, but also the last 12 years. Reforms such as ring-fencing and the senior managers’ regime were introduced for good reason”.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/from-nurses-to-teachers-why-workers-across-industries-in-uk-are-going-on-a-strike-540940">Explained: From nurses to teachers, why workers across UK are going on strike</a>

“The City doesn’t want weak consolation prizes for being sold down the river in the Tories’ Brexit deal, nor more empty promises on deregulation. Its competitiveness depends on high standards, not a race to the bottom,” said the Labour MP.&nbsp;

Meanwhile, Liberal Democrat Treasury spokeswoman, Sarah Olney, called this move, “completely tone-deaf” that the government is increasing taxes for “hard-working families, while slashing taxes and boosting bonuses for the banks.” She added, “Our financial services need good and smart regulation, not more promises of slashing red tape, or a race to the bottom.”&nbsp;

(With inputs from agencies)&nbsp;

The United Kingdom’s Chancellor of the Exchequer, Jeremy Hunt unveiled a number of post-Brexit reforms to City policy, on Friday, referred to as the “Edinburgh reforms”.

The United Kingdom’s Chancellor of the Exchequer, Jeremy Hunt unveiled a number of post-Brexit reforms to City policy, on Friday, referred to as the “Edinburgh reforms”. The announcement was made at an industry roundtable with a group of chief executives from banks and insurers. The over-30-point package partially proposes to reform rules which were introduced after the 2008 financial crisis to protect savers and taxpayers. The reforms were dubbed the post-Brexit “Big Bang 2.0” by Hunt’s predecessor Kwasi Kwarteng and are reportedly some of the biggest changes since former UK PM Margaret Thatcher's wave of deregulation in the 1980s. More than 30 regulatory reforms will “unlock investment and turbocharge growth in towns and cities across the UK”, said the Treasury, in a statement. ALSO READ | UK set to announce post-Brexit reforms in financial services The proposal encompasses a number of plans including consulting on a new central bank digital currency to change tax rules for investment trusts in real estate. Hunt also outlines plans to “repeal, and replace, hundreds of pages of burdensome EU retained laws governing financial services”, in a bid to make the UK one of the “most open, dynamic and competitive financial services hubs in the world.” “The Edinburgh Reforms seize on our Brexit freedoms to deliver an agile and home-grown regulatory regime that works in the interest of British people and our businesses,” said Hunt, in a statement. These rules, once created to safeguard people from the financial crisis are now seen as a hindrance to London’s banks and insurers compared to their peers across the world. ALSO READ | Rishi Sunak considering building Swiss-style economic relationship with EU One of the provisions created in the wake of the 2008 crisis was the ring-fencing rule which separated customer deposits from riskier investment banking operations with the aim to protect them. The Treasury claims that these rules are particularly burdensome on lenders who wish to change them, “while maintaining protections for depositors,” the statement added. Furthermore, the government will also launch a consultation about regulating rating agencies which review the performance of various companies along environmental, social and governance issues (ESG) to ensure these products are transparent and use consistent standards. The Edinburgh Reforms also include a number of consultations and discussions around the Consumer Credit Act which regulates credit card purchases and personal loans, a provision which dates back to the 1970s in a bid to “modernise” it. ALSO WATCH | Rishi Sunak government lowers income tax threshold amid economic downfall Another reform which will be under review as a part of the 30-point plan is the “senior managers' regime” which holds managers and bosses personally and financially responsible for infractions, which Hunts believes in its current form, is too burdensome. However, the incumbent chancellor has also said that he was mindful of the lessons from the 2008 crisis which brought some UK banks to the brink of potential collapse and that he has taken these steps “very carefully”. “We have to make sure that we do not unlearn the lessons of 2008, but at the same time recognise that banks today have much stronger balance sheets, and we have a much stronger resolution system if things do go wrong,” said Hunt, during the Financial Times’ Global Boardroom webinar, when asked about the potential risks of these reforms. UK Prime Minister Rishi Sunak about the “Edinburgh Reforms” The incumbent UK PM and former finance minister, Rishi Sunak said that the services of the financial sector remain “robust” despite relaxation in banking safeguards. ALSO WATCH | Gravitas: Has Liz Truss' exit vindicated Rishi Sunak? “No, the UK has always had and always will have an incredibly respected and robust system of regulation for the financial services sector,” he told the press in response to the potential risks and when asked if he was being reckless by announcing the relaxation of rules on investment banks. He added, “But it's also important to make sure the industry is competitive. There are a million people employed in financial services and they're not just in London, in the city. They're spread across the country, in Edinburgh, in Belfast, in Leeds, in Bournemouth.” The UK PM who was on a visit to RAF Coningsby in Lincolnshire, also insisted that these reforms will ensure the industry remains competitive, create more jobs, and will always be a safe place where consumers will be protected. ALSO READ | Joe Biden, Rishi Sunak agree to double gas exports from US to UK, work on fuel alternatives Criticism and opposition to the reforms There has been criticism regarding these reforms, many of which are seemingly in reference to Sunak’s predecessor, Liz Truss’ economic plans which have left a lasting impact on the British economy. “We’ve been promised a Big Bang 2.0 on three occasions now, by three different Conservative chancellors,” said the opposition Labour party MP and shadow City minister, Tulip Siddiq. She added, “The Conservatives have done untold damage to the UK’s global competitiveness and market confidence not just over the last 12 weeks, but also the last 12 years. Reforms such as ring-fencing and the senior managers’ regime were introduced for good reason”. ALSO READ | Explained: From nurses to teachers, why workers across UK are going on strike “The City doesn’t want weak consolation prizes for being sold down the river in the Tories’ Brexit deal, nor more empty promises on deregulation. Its competitiveness depends on high standards, not a race to the bottom,” said the Labour MP. Meanwhile, Liberal Democrat Treasury spokeswoman, Sarah Olney, called this move, “completely tone-deaf” that the government is increasing taxes for “hard-working families, while slashing taxes and boosting bonuses for the banks.” She added, “Our financial services need good and smart regulation, not more promises of slashing red tape, or a race to the bottom.” (With inputs from agencies)

Explained: In ‘Edinburgh reforms’, chancellor Hunt outlines sweeping overhaul of UK’s finance sector

As the rising cost of living eats away at people's wages, the UK is experiencing its largest reduction in living standards ever.&nbsp;

After accounting for growing costs, the government's forecaster predicted that household incomes would decline by 7 per cent&nbsp;over the following few years.&nbsp;

Additionally, it anticipates a spike in unemployment of more than 500,000 people.&nbsp;

The chancellor just declared that the UK was already in a recession and was likely to get worse the next year.

However, Jeremy Hunt said that the tax increases and spending cuts he announced in his Autumn Statement, totalling £55 billion, will result in a "shallower downturn" and fewer job losses.&nbsp;

The government's energy price guarantee programme, which lowers bills, is largely to blame for the forecaster's prediction that price increases will peak at 11 per cent&nbsp;in the last three months of this year.&nbsp;

It nonetheless predicted that inflation would "erode real wages and reduce living standards" this year by the largest amount since records began in 1956.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/jeremy-hunt-to-unveil-uk-autumn-budget-today-after-liz-truss-failed-experiment-534990">Chancellor Jeremy Hunt announces tax hikes, spending squeeze in £55 billion autumn budget</a>

It anticipates that after accounting for inflation, household earnings will return to where they were in 2013. The recovery process will take another six years, but by 2028, they will still be "over 1 per cent&nbsp;below pre-pandemic levels."

The Office for Budget Responsibility (OBR) claims that the UK is also experiencing problems with rising interest rates, which the Bank of England has increased to 3 per cent&nbsp;in an effort to combat inflation.&nbsp;

Due to rising mortgage expenses, it is also anticipated that house values will decrease by around 9 per cent&nbsp;over the next two years.

(with inputs from agencies)

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As the rising cost of living eats away at people's wages, the UK is experiencing its largest reduction in living standards ever. After accounting for growing costs, the government's forecaster predicted that household incomes would decline by 7 per cent over the following few years.

As the rising cost of living eats away at people's wages, the UK is experiencing its largest reduction in living standards ever. After accounting for growing costs, the government's forecaster predicted that household incomes would decline by 7 per cent over the following few years. Additionally, it anticipates a spike in unemployment of more than 500,000 people. The chancellor just declared that the UK was already in a recession and was likely to get worse the next year. However, Jeremy Hunt said that the tax increases and spending cuts he announced in his Autumn Statement, totalling £55 billion, will result in a "shallower downturn" and fewer job losses. The government's energy price guarantee programme, which lowers bills, is largely to blame for the forecaster's prediction that price increases will peak at 11 per cent in the last three months of this year. It nonetheless predicted that inflation would "erode real wages and reduce living standards" this year by the largest amount since records began in 1956. Also Read: Chancellor Jeremy Hunt announces tax hikes, spending squeeze in £55 billion autumn budget It anticipates that after accounting for inflation, household earnings will return to where they were in 2013. The recovery process will take another six years, but by 2028, they will still be "over 1 per cent below pre-pandemic levels." The Office for Budget Responsibility (OBR) claims that the UK is also experiencing problems with rising interest rates, which the Bank of England has increased to 3 per cent in an effort to combat inflation. Due to rising mortgage expenses, it is also anticipated that house values will decrease by around 9 per cent over the next two years. (with inputs from agencies)

Economy already in recession and set to shrink further next year: UK chancellor

UK where ushering in new austerity, the new government is taking first steps to pull back economy from the brink. Announcing the statement, new Finance Minister Jeremy Hunt unveiled an austerity budget on Thursday with $65 of tax hikes and massive spending cuts.

UK's economy slides into recession, Hunt hunts for elusive balance

A month after "Trussonomics", the economic experiment by former UK Prime Minister Liz Truss failed miserably, Chancellor Jeremy Hunt&nbsp;delivered the autumn statement at the House of Commons on Thursday. Hunt announced a total of £55 billion plan in&nbsp;tax rises and spending cuts in his budget statement that was aimed to raise cash to support the economy.

"We are honest about the challenges and fair in our solutions. Yes, we take difficult decisions to tackle inflation and keep mortgage rises down. But our plan also leads to a shallower downturn; lower energy bills; higher long-term growth; and a stronger NHS and education system," Hunt said, acknowledging&nbsp;that in the face of “unprecedented global headwinds”, the British people are worried about their future.

The Chancellor said that he will deliver a plan “to tackle the cost of living crisis and rebuild our [British] economy”.

ALSO READ |&nbsp;&nbsp;<a href="https://www.wionews.com/world/uk-inflation-spurs-to-41-year-high-before-jeremy-hunts-autumn-statement-534697">UK inflation soars to 41-year high before Jeremy Hunt's autumn statement</a>

The UK Chancellor announced that he is not going to change the remit of the Bank of England.&nbsp;

Hunt told MPs: "So the Bank of England, which has done an outstanding job since its independence, now has my wholehearted support in its mission to defeat inflation and I today confirm we will not change its remit."

Chancellor extends windfall tax

Turning to the windfall tax on energy giants, Jeremy Hunt said that he has "no objection to windfall taxes if they are genuinely about windfall profits caused by unexpected increases in energy prices".&nbsp;

He continued: "But any such tax should be temporary, not deter investment and recognise the cyclical nature of many energy businesses."&nbsp;

"Taking account of this, I have decided that from January 1st until March 2028 we will increase the Energy Profits Levy from 25 per cent to 35 per cent."&nbsp;

He also said that "from January 1st, we have also decided to introduce a new, temporary 45 per cent&nbsp;levy on electricity generators".&nbsp;

The combined effect of these measures will bring in £14 billion, the Chancellor said.

Chancellor freezes tax allowances

Jeremy Hunt said he has decided to freeze a range of tax allowances to raise more cash for the Treasury.&nbsp;

He said: "We are also taking difficult decisions on tax-free allowances. I am maintaining at current levels the income tax personal allowance, higher rate threshold, main national insurance thresholds, and inheritance tax thresholds for a further two years taking us to April 2028. Even after that, we will still have the most generous set of tax-free allowances of any G7 country."

The Chancellor also announced that he is "reforming allowances on unearned income".&nbsp;

He said: "The dividend allowance will be cut from £2,000 to £1,000 next year and then to £500 from April 2024. The Annual Exempt Amount for capital gains tax will be cut from £12,300 to £6,000 next year and then to £3,000 from April 2024. These changes still leave us with more generous allowances overall than countries like Germany, Ireland, France, and Canada."

Electric cars lose exemption from Vehicle Excise Duty

Jeremy Hunt said he has decided "that from April 2025 electric vehicles will no longer be exempt from Vehicle Excise Duty".&nbsp;

On housing, he said: "The OBR expects housing activity to slow over the next two years, so the stamp duty cuts announced in the mini-budget will remain in place but only until 31st March 2025."

The inflation rate in the United Kingdom hit a fresh 41-year high in October, increasing to 11.1 per cent amid the cost of living crisis stoked by rising energy and food prices, in part due to the ongoing war in Ukraine.&nbsp;On an annual basis, food price inflation rose sharply to 16.5 per cent on an annual basis, the highest in 45 years, the UK Office of National Statistics said.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/jeremy-hunt-to-present-uks-autumn-budget-today-vows-to-restore-stability-get-inflation-down-534971">Jeremy Hunt vows to 'restore stability, get inflation down'</a>

For a household with average usage of both gas and electricity, the government in October had capped the bills at £2,500 per month. According to the UK's Office of National Statistics, gas prices have climbed by nearly 130 per cent while electricity prices have risen by close to 66 per cent over the past year.&nbsp; 
&nbsp;

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A month after "Trussonomics", the economic experiment by former UK Prime Minister Liz Truss failed miserably, Chancellor Jeremy Hunt delivered the autumn statement at the House of Commons on Thursday.

A month after "Trussonomics", the economic experiment by former UK Prime Minister Liz Truss failed miserably, Chancellor Jeremy Hunt delivered the autumn statement at the House of Commons on Thursday. Hunt announced a total of £55 billion plan in tax rises and spending cuts in his budget statement that was aimed to raise cash to support the economy. "We are honest about the challenges and fair in our solutions. Yes, we take difficult decisions to tackle inflation and keep mortgage rises down. But our plan also leads to a shallower downturn; lower energy bills; higher long-term growth; and a stronger NHS and education system," Hunt said, acknowledging that in the face of “unprecedented global headwinds”, the British people are worried about their future. The Chancellor said that he will deliver a plan “to tackle the cost of living crisis and rebuild our [British] economy”. ALSO READ | UK inflation soars to 41-year high before Jeremy Hunt's autumn statement The UK Chancellor announced that he is not going to change the remit of the Bank of England. Hunt told MPs: "So the Bank of England, which has done an outstanding job since its independence, now has my wholehearted support in its mission to defeat inflation and I today confirm we will not change its remit." Chancellor extends windfall tax Turning to the windfall tax on energy giants, Jeremy Hunt said that he has "no objection to windfall taxes if they are genuinely about windfall profits caused by unexpected increases in energy prices". He continued: "But any such tax should be temporary, not deter investment and recognise the cyclical nature of many energy businesses." "Taking account of this, I have decided that from January 1st until March 2028 we will increase the Energy Profits Levy from 25 per cent to 35 per cent." He also said that "from January 1st, we have also decided to introduce a new, temporary 45 per cent levy on electricity generators". The combined effect of these measures will bring in £14 billion, the Chancellor said. Chancellor freezes tax allowances Jeremy Hunt said he has decided to freeze a range of tax allowances to raise more cash for the Treasury. He said: "We are also taking difficult decisions on tax-free allowances. I am maintaining at current levels the income tax personal allowance, higher rate threshold, main national insurance thresholds, and inheritance tax thresholds for a further two years taking us to April 2028. Even after that, we will still have the most generous set of tax-free allowances of any G7 country." The Chancellor also announced that he is "reforming allowances on unearned income". He said: "The dividend allowance will be cut from £2,000 to £1,000 next year and then to £500 from April 2024. The Annual Exempt Amount for capital gains tax will be cut from £12,300 to £6,000 next year and then to £3,000 from April 2024. These changes still leave us with more generous allowances overall than countries like Germany, Ireland, France, and Canada." Electric cars lose exemption from Vehicle Excise Duty Jeremy Hunt said he has decided "that from April 2025 electric vehicles will no longer be exempt from Vehicle Excise Duty". On housing, he said: "The OBR expects housing activity to slow over the next two years, so the stamp duty cuts announced in the mini-budget will remain in place but only until 31st March 2025." The inflation rate in the United Kingdom hit a fresh 41-year high in October, increasing to 11.1 per cent amid the cost of living crisis stoked by rising energy and food prices, in part due to the ongoing war in Ukraine. On an annual basis, food price inflation rose sharply to 16.5 per cent on an annual basis, the highest in 45 years, the UK Office of National Statistics said. WATCH | Jeremy Hunt vows to 'restore stability, get inflation down' For a household with average usage of both gas and electricity, the government in October had capped the bills at £2,500 per month. According to the UK's Office of National Statistics, gas prices have climbed by nearly 130 per cent while electricity prices have risen by close to 66 per cent over the past year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Chancellor Jeremy Hunt announces tax hikes, spending squeeze in £55 billion autumn budget

New UK Finance Minister Jeremy Hunt is all set to release the Autumn budget. He is expected to include billions of tax rises and spending cuts.

UK: Jeremy Hunt to present autumn budget today

Jeremy Hunt to present UK's autumn budget today

After two unsuccessful UK Chancellors, new UK Finance Minister Jeremy Hunt is all set to release the Autumn budget, it is his debut and he has to get it right in the very first attempt, not only does he have pressure to kick-start, he also needs to correct his predecessors mistakes in the British economy.

Jeremy Hunt to present UK's autumn budget today, vows to 'restore stability, get inflation down'

Still reeling from the consequences of 'Trussnomics', UK Chancellor Jeremy Hunt has warned that there may be tax hike in the offing.&nbsp;In other news, US President Joe Biden has said his party will not be able to codify Roe v. Wade.&nbsp;Prior to election day, Biden had promised that it will be the first bill he will send to Congress if his party won the House.&nbsp;

<a href="https://www.wionews.com/world/im-afraid-uk-finance-minister-jeremy-hunt-warns-of-tax-hikes-to-cope-with-inflation-after-truss-fiasco-534184">'I'm afraid': UK Finance Minister Jeremy Hunt warns of tax hikes to cope with inflation after Truss fiasco</a>

The new UK government issued a warning on Sunday (November 13) about the upcoming tax increase, particularly for the wealthy ones, as the administration aims to repair the economic damage caused by the Truss administration.&nbsp;

<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2022/11/15/310898-00032m73y3.jpg" />

<a href="https://www.wionews.com/world/over-2000-environment-damages-filed-russia-must-be-held-responsible-says-kyivs-minister-534188">Over 2,000 environment damages filed, Russia must be held responsible, says Kyiv's minister</a>

The Ukrainian Environment Minister Ruslan Strilets on Monday (November 14) said at UN climate talks that Russia must accept responsibility for the environmental damage brought on by its invasion of Ukraine.

<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2022/11/15/310902-00032nc6gy.jpg" />

<a href="https://www.wionews.com/world/democrats-wont-be-able-to-codify-roe-v-wade-as-they-lack-enough-votes-says-us-president-joe-biden-534186">Democrats won't be able to codify Roe v. Wade as they lack enough votes, says US President Joe Biden</a>

Despite Republicans poor performance in the midterm elections, US President Joe Biden on Monday (November 14) stated that he does not anticipate being able to codify Roe v. Wade into law.

<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2022/11/15/310901-biden-oil.jpg" />

<a href="https://www.wionews.com/world/republican-election-denier-kari-lake-has-lost-governors-race-in-arizona-msnbc-forecast-says-534195">Republican election denier Kari Lake has lost governor's race in Arizona, reports suggest</a>

An MSNBC forecast and a CNN projection say&nbsp;that Kari Lake has lost the bid to become the next governor of Arizona. Lake is one of the most high-profile Republican candidates to contest in the midterm elections and one of the election deniers to echo former President Donald Trump's views of an election fraud in 2020.

<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2022/11/15/310905-untitled-design-2022-11-15t081540992.png" />

<a href="https://www.wionews.com/videos/joe-biden-meets-xi-jinping-in-bali-3-hr-long-meet-to-fix-strained-ties-534215">WATCH |&nbsp;Joe Biden meets Xi Jinping in Bali: 3-hr-long meet to fix strained ties?</a>

US President Joe Biden held talks with Chinese President Xi Jinping amid simmering tensions over Taiwan. Both leaders held talks on the sidelines of the G20 Summit.

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Still reeling from the consequences of 'Trussnomics', UK Chancellor Jeremy Hunt has warned that there may be tax hike in the offing. In other news, US President Joe Biden has said his party will not be able to codify Roe v.

Still reeling from the consequences of 'Trussnomics', UK Chancellor Jeremy Hunt has warned that there may be tax hike in the offing. In other news, US President Joe Biden has said his party will not be able to codify Roe v. Wade. Prior to election day, Biden had promised that it will be the first bill he will send to Congress if his party won the House. 'I'm afraid': UK Finance Minister Jeremy Hunt warns of tax hikes to cope with inflation after Truss fiasco The new UK government issued a warning on Sunday (November 13) about the upcoming tax increase, particularly for the wealthy ones, as the administration aims to repair the economic damage caused by the Truss administration. Over 2,000 environment damages filed, Russia must be held responsible, says Kyiv's minister The Ukrainian Environment Minister Ruslan Strilets on Monday (November 14) said at UN climate talks that Russia must accept responsibility for the environmental damage brought on by its invasion of Ukraine. Democrats won't be able to codify Roe v. Wade as they lack enough votes, says US President Joe Biden Despite Republicans poor performance in the midterm elections, US President Joe Biden on Monday (November 14) stated that he does not anticipate being able to codify Roe v. Wade into law. Republican election denier Kari Lake has lost governor's race in Arizona, reports suggest An MSNBC forecast and a CNN projection say that Kari Lake has lost the bid to become the next governor of Arizona. Lake is one of the most high-profile Republican candidates to contest in the midterm elections and one of the election deniers to echo former President Donald Trump's views of an election fraud in 2020. WATCH | Joe Biden meets Xi Jinping in Bali: 3-hr-long meet to fix strained ties? US President Joe Biden held talks with Chinese President Xi Jinping amid simmering tensions over Taiwan. Both leaders held talks on the sidelines of the G20 Summit. ×

Morning news brief: Hunt warns of tax hike, Biden takes u-turn on Roe v Wade and more

The new UK government issued a warning on Sunday (November 13) about the upcoming tax increase, particularly for the wealthy ones, as the administration aims to repair the economic damage caused by the Truss administration.&nbsp;

The administration is expected to release an emergency budget on Thursday.&nbsp;

<a href="https://www.wionews.com/world/new-plan-by-uk-pm-sunak-and-jeremy-hunt-will-make-over-200000-britishers-to-pay-tax-533641">Also read |&nbsp;New plan by UK PM Sunak and Jeremy Hunt will make over 200,000 Britishers pay tax</a>

Jeremy Hunt, the finance minister, warned that the damage will disproportionately be on the better off when he'll unveil the budget, Sky News reported. After Truss' tax-cutting budget sparked alarm in the financial markets, he said, "We're all going to be paying a bit more tax, I'm afraid."

He acknowledged that the country's economy is likely to be in recession due to the July-September quarter, "but we are a resilient country and we've faced much bigger challenges, frankly, in our history".

"We will be asking everyone for sacrifices."

The finance minister is currently looking for revising the income tax bands in order to increase money from incomes and by imposing strict curbs on government spending. he is seeking to collect £60 billion ($71 billion) in savings and extra revenue.

<a href="https://www.wionews.com/world/former-pm-liz-trusss-mini-budget-cost-the-uk-exchequer-35-billion-report-533680">Also read |&nbsp;Former PM Liz Truss's mini-budget cost the UK exchequer $35 billion: Report</a>

Hunt said that the increase in energy costs brought on by the Ukraine conflict cost the economy £140 billion.

Not just the energy prices, the country is also struggling with calming the medical professionals. Hunt recently denied a 17 per cent salary demand by the largest nursing union in the country, which decided to go on a strike for the first time since its existence. Hunt said that if the administration agrees to increase everyone's wage, then the inflation would continue.&nbsp;

Rishi Suank, the current prime minister, has committed to get the spiralling inflation under control.&nbsp;

(With inputs from agencies)

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The new UK government issued a warning on Sunday (November 13) about the upcoming tax increase, particularly for the wealthy ones, as the administration aims to repair the economic damage caused by the Truss administration.

The new UK government issued a warning on Sunday (November 13) about the upcoming tax increase, particularly for the wealthy ones, as the administration aims to repair the economic damage caused by the Truss administration. The administration is expected to release an emergency budget on Thursday. Also read | New plan by UK PM Sunak and Jeremy Hunt will make over 200,000 Britishers pay tax Jeremy Hunt, the finance minister, warned that the damage will disproportionately be on the better off when he'll unveil the budget, Sky News reported. After Truss' tax-cutting budget sparked alarm in the financial markets, he said, "We're all going to be paying a bit more tax, I'm afraid." He acknowledged that the country's economy is likely to be in recession due to the July-September quarter, "but we are a resilient country and we've faced much bigger challenges, frankly, in our history". "We will be asking everyone for sacrifices." The finance minister is currently looking for revising the income tax bands in order to increase money from incomes and by imposing strict curbs on government spending. he is seeking to collect £60 billion ($71 billion) in savings and extra revenue. Also read | Former PM Liz Truss's mini-budget cost the UK exchequer $35 billion: Report Hunt said that the increase in energy costs brought on by the Ukraine conflict cost the economy £140 billion. Not just the energy prices, the country is also struggling with calming the medical professionals. Hunt recently denied a 17 per cent salary demand by the largest nursing union in the country, which decided to go on a strike for the first time since its existence. Hunt said that if the administration agrees to increase everyone's wage, then the inflation would continue. Rishi Suank, the current prime minister, has committed to get the spiralling inflation under control. (With inputs from agencies) WATCH WION LIVE HERE

UK Finance Minister Jeremy Hunt warns of tax hikes to cope with inflation after Truss fiasco

Former UK Prime Minister Liz Truss's suicidal mini-budget which eventually paved the way for her downfall may have cost the country's economy a staggering $35 billion (£30 billion), according to a new report.

Former UK Prime Minister Liz Truss's suicidal mini-budget which eventually paved the way for her downfall may have cost the country's economy a staggering $35 billion (£30 billion), according to a new report. A UK-based independent think tank named Resolution Foundation crunched the numbers and arrived at the $35 billion figure. It added that the fiscal hole could have been far higher if new Chancellor Jeremy Hunt had not taken a swift u-turn on several of her key financial policies. The think thank said during the tumultuous seven-week reign of Truss, nearly $23 billion (£20 billion) was wasted away on unfunded cuts to national insurance and stamp duty. Additionally, $11 billion (£10 billion) As reported by WION, the UK government under Truss was forced to abandon its plan to abolish the 45 per cent top rate of income tax. The humiliating U-turn was necessitated days after Truss announced it in her mini-budget alongside then Chancellor Kwasi Kwarteng. The latter was unceremoniously sacked by Truss after the party, opposition and the public openly criticised her plans. WATCH | UK economy | Liz Truss' U-Turn on 45% tax cut for the rich × Still reeling from the effects of 'Trussonomics', Jeremy Hunt is expected to unveil a new taxation scheme, according to which, nearly 246,000 people in Britain will be forced to pay the top rate of tax. Many expect that the new prime minister and the chancellor will reportedly reduce the 45p income tax rate threshold from £150,000 ($177,600) to £125,000 ($148,000). This is expected to be announced during the Autumn Statement, the British media reported. Read more: New plan by UK PM Sunak and Jeremy Hunt will make over 200,000 Britishers pay tax,” With this new plan, the government aims to collect approximately £1.3 billion ($14.9 million) annually, as it makes efforts to close a fiscal gap estimated at £60 billion through increasing taxes and reducing spending. Truss and her plan looked alright on paper but the government did not have the money to fund the tax cuts. It started a domino effect which ended with her rather tame resignation. Prime Minister Sunak, sympathetic to Truss said that he is open to tax cuts in the long run, but ruled out short-term tax cuts. (With inputs from agencies) WATCH WION LIVE HERE:

Former PM Liz Truss's mini-budget cost the UK exchequer $35 billion: Report

Nearly a quarter of million more Britishers might find themselves subjected to pay&nbsp;the high rate of income taxation as per the new plans unveiled by the UK PM Rishi Sunak and Jeremy Hunt.&nbsp;A report by Moore Kingston Smith for the Times stated that nearly 246,000 people will be forced to pay the top rate of tax.&nbsp;

<a href="https://www.wionews.com/world/uk-and-france-to-strike-deal-to-stop-migrants-from-crossing-english-channel-533582">Also read |&nbsp;UK and France to strike deal to stop migrants from crossing English Channel</a>

Many expect that the new prime minister and the chancellor will reportedly reduce the 45p income tax rate threshold from £150,000 ($177,600) to £125,000 ($148,000). This is expected to be announced during the Autumn Statement, the Telegraph reported.

With this new plan, the government aims to collect approximately £1.3 billion ($14.9 million) annually, as it makes efforts to close a fiscal gap estimated at £60 billion through increasing taxes and reducing spending.&nbsp;

The plan will cost £580 ($686.7) per year for the individuals. Currently, over 600,000 people who are already paying the tax will now see their bills increase&nbsp;to £1,250 ($1,480) per year.&nbsp;

<a href="https://www.wionews.com/world/rishi-sunaks-close-aide-gavin-williamson-quits-amid-bullying-allegations-532460">Also read |&nbsp;Rishi Sunak's close aide Gavin Williamson quits as minister amid 'bullying' allegations</a>

The public sector wages are expected to be limited to 2 per cent, and many professions such as nurses, and police will see a decline in their income.&nbsp;

The prime minister said that he is open to tax cuts in the long run, but has ruled out short-term tax cuts. The chancellor said that in order to achieve long-term sustainable growth, the country needs to control inflation and create financial stability. He said, "There is no other way."

Earlier, during Truss's administration, ousted chancellor Kwasi Kwarteng during the September mini-budget declared that the 45p top rate of tax will be eliminated completely. However, after heavy&nbsp;criticism from Tory MPs and the country's currency hitting a historic low, he changed the idea after three weeks.&nbsp;

(With inputs from agencies)

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Nearly a quarter of million more Britishers might find themselves subjected to pay the high rate of income taxation as per the new plans unveiled by the UK PM Rishi Sunak and Jeremy Hunt.

Nearly a quarter of million more Britishers might find themselves subjected to pay the high rate of income taxation as per the new plans unveiled by the UK PM Rishi Sunak and Jeremy Hunt. A report by Moore Kingston Smith for the Times stated that nearly 246,000 people will be forced to pay the top rate of tax. Also read | UK and France to strike deal to stop migrants from crossing English Channel Many expect that the new prime minister and the chancellor will reportedly reduce the 45p income tax rate threshold from £150,000 ($177,600) to £125,000 ($148,000). This is expected to be announced during the Autumn Statement, the Telegraph reported. With this new plan, the government aims to collect approximately £1.3 billion ($14.9 million) annually, as it makes efforts to close a fiscal gap estimated at £60 billion through increasing taxes and reducing spending. The plan will cost £580 ($686.7) per year for the individuals. Currently, over 600,000 people who are already paying the tax will now see their bills increase to £1,250 ($1,480) per year. Also read | Rishi Sunak's close aide Gavin Williamson quits as minister amid 'bullying' allegations The public sector wages are expected to be limited to 2 per cent, and many professions such as nurses, and police will see a decline in their income. The prime minister said that he is open to tax cuts in the long run, but has ruled out short-term tax cuts. The chancellor said that in order to achieve long-term sustainable growth, the country needs to control inflation and create financial stability. He said, "There is no other way." Earlier, during Truss's administration, ousted chancellor Kwasi Kwarteng during the September mini-budget declared that the 45p top rate of tax will be eliminated completely. However, after heavy criticism from Tory MPs and the country's currency hitting a historic low, he changed the idea after three weeks. (With inputs from agencies) WATCH WION LIVE HERE

New plan by UK PM Sunak and Jeremy Hunt will make over 200,000 Britishers pay tax

After Britain's new Prime Minister Rishi Sunak took charge on Tuesday (October 24), several Tory MPs handed in their resignations amid the cabinet reshuffle. Amid a massive economic crisis in the country, Sunak kept the finance minister Jeremy Hunt in the crucial post.

After Britain's new Prime Minister Rishi Sunak took charge on Tuesday (October 24), several Tory MPs handed in their resignations amid the cabinet reshuffle. Amid a massive economic crisis in the country, Sunak kept the finance minister Jeremy Hunt in the crucial post. His predecessor Liz Truss appointed Hunt just 11 days ago. The first British-Indian prime minister has made his close ally Dominic Raab deputy PM and justice secretary. Meanwhile, Suella Braverman is back as interior minister in Sunak's new UK cabinet. Recently, the hardline right-winger Braverman was forced out of Truss's cabinet. Grant Shapps, who had briefly replaced Braverman at the Home Office, was named business secretary with partial oversight of climate policy, instead of Johnson loyalist Jacob Rees-Mogg. Meanwhile, Ben Wallace has been retained as the defence secretary. Sunak has also retained James Cleverly as foreign secretary. Notably, both Wallace and Cleverly backed an aborted comeback by the former leader Boris Johnson. WATCH | 'I will ready to lead our country into the future', says UK PM Rishi Sunak × Here is a list of all the Tory MPs who have quit: 1. Jacob Rees-Mogg as Business Secretary 2. Brandon Lewis as Justice Secretary 3. Wendy Morton as Chief Whip 4. Chloe Smith as Works and Pensions Secretary 5. Vicky Ford as Minister of State for Development 6. Kit Malthouse as Education Secretary 7. Robert Buckland as Secretary of State for Wales 8. Ranil Jayawardena as Environment Secretary 9. Simon Clarke as Levelling up Secretary 10. Jake Berry as Conservative Party Chairman (with no portfolio) Also, Alok Sharma was removed from the cabinet as Minister of State at the Cabinet Office but will remain COP26 President. ALSO READ | When Cameron did a Nostradamus. Rishi Sunak becoming UK prime minister was predicted long ago - Watch Sunak's promise British monarch King Charles III appointed Sunak on Tuesday as the country's prime minister, making him the first person of colour to lead the former imperial power. During his first address in Downing Street after becoming the PM, Sunak said that the country faced a "profound economic crisis" and he promised to fix the errors made by his predecessor Liz Truss. Sunak said while speaking on the steps of Downing Street: "I will place economic stability and confidence at the heart of this government's agenda. This will mean difficult decisions to come. But you saw me during Covid doing everything I could to protect people and business with schemes like furlough." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

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