U.K. Unveils Largest Tax Increases and Spending Cuts in a Decade

Contributing sentiments towards policy:

47% : The failure of Ms. Truss's attempt to cut taxes served as a warning to other governments against stimulating the economy when inflation is already very high.
46% : Some economists say that the U.K. recession could last longer than in many Western countries, due to a combination of lingering productivity problems, a deep worker shortage and the decision to put up trade barriers with the European Union after Brexit.
44% : Among the measures, Mr. Hunt said he would raise taxes by freezing the thresholds at which people pay higher rates, pulling thousands of people into the top band of tax as their pay is boosted by wage rises and inflation.
44% : Government officials hope that once inflation is tamed then they can start cutting taxes in time for an election in 2024.
42% : Mr. Hunt, who was appointed by Ms. Truss amid a violent market reaction to her budget plans, has spent weeks warning about what he called "eye-watering" decisions on public spending as he junked the tax cuts.
40% : With the ruling Conservative Party continuing to lag behind the opposition Labour Party in the polls, Mr. Sunak must balance fiscal rectitude with ensuring the cuts to public spending don't crater his party's chances of re-election.

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