UK unveils emergency budget amid big demands but little cash
Just three weeks after taking office, British Prime Minister Rishi Sunak faces the challenge of balancing the nation’s budget while helping millions of people slammed by a cost-of-living crisis
LONDON (AP) — So many demands. So little money.
Just three weeks after taking office, British Prime Minister Rishi Sunak faces the challenge of balancing the nation's budget while helping millions of people slammed by a cost-of-living crisis as Russia's war in Ukraine pushes up energy prices and slows economic growth.
Treasury chief Jeremy Hunt will deliver the government’s plan for tackling a sputtering economy in a speech to the House of Commons on Thursday.
The emergency budget statement aims to restore the government’s financial and political credibility after former Prime Minister Liz Truss announced 45 billion pounds ($53 billion) in unfunded tax cuts that torpedoed investor confidence, sent the pound to record lows against the U.S. dollar and sparked emergency central bank intervention. Truss was forced to resign six weeks after taking office.
