UK finance ministery hits wealthy with higher taxes in £55 billion squeeze

British Finance Minister Jeremy Hunt announced a string of tax increases and tighter public spending in a budget plan on Thursday

Jeremy Hunt targeted wealthy people and energy companies in a £55 billion ($65 billion) package of tax rises and spending cuts aimed at cleaning up the mess left by unprecedented shocks to the economy.
 

The measures set out by the Chancellor of the Exchequer will contribute to a 7% drop in the disposable incomes of consumers over the next two years, the biggest squeeze on record, and will wipe out eight years of gains. 

Prime Minister Rishi Sunak’s government is seeking to combat inflation and rein in the burgeoning budget deficit to restore credibility with