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Higher Taxes, Spending Cuts to Follow in Other Countries, U.K. Chancellor Says
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LONDON—U.K. Chancellor of the Exchequer Jeremy Hunt defended his decision to implement steep tax increases and public spending cuts, saying that many other governments are going to have to follow suit after years of ramped-up spending from the pandemic and new energy subsidies.
The U.K. on Thursday became the first Western economy to say it would sharply curtail its spending growth, even as a recession begins to take hold. Mr. Hunt announced £55 billion of budget cuts and tax increases aimed at convincing investors that the U.K. government is serious about tackling its rising debt load and combating inflation running at 11.1%.
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