LONDON, Oct 15 (Reuters) – Britain’s new finance minister Jeremy Hunt is to delay a planned reduction to the basic rate of income tax by one year after the country’s fiscal watchdog warned that the public finances were in a worse state than expected, the Sunday Times reported.
The newspaper said Hunt would put off for a year a plan to reduce the basic rate of income tax next April, to save 5 billion pounds ($5.6 billion) a year. It said Hunt needed to plug a black hole in the public finances of 72 billion pounds.
($1 = 0.8953 pounds)
Reporting by Kate Holton; editing by Philippa Fletcher
Our Standards: The Thomson Reuters Trust Principles.
I don’t regret spending a few minutes reading. Write more often, I will definitely come back to read something new.
Yeah… It’s like people used to say: They learn the ABCs – they scream at the top of their lungs 🙂 .