UK unveils voter-friendly budget with election on horizon
- Finance minister Jeremy Hunt announced a huge package of 110 measures aimed at reinvigorating the ailing economy and boosting business investment
- The speech sets the battleground for next year’s expected general election as PM Rishi Sunak bids to claw back ground lost to the main opposition Labour party
Britain’s Conservative government launched plans on Wednesday to stimulate growth and woo voters for the next general election, delivering a massive tax-cut sweetener for workers but also forecasting sharply lower growth and stubbornly high inflation.
Finance minister Jeremy Hunt unveiled a huge package of 110 measures aimed at reinvigorating the ailing economy and boosting business investment by some £20 billion (US$25 billion) per year.
The speech sets the battleground for next year’s expected general election as Prime Minister Rishi Sunak bids to claw back ground lost to the main opposition Labour party, having already achieved his target to halve inflation.
Wednesday’s budget was also set against the backdrop of a cost-of-living crisis which has eroded wages, sparked strikes and left millions of Britons struggling to pay bills – and handed a major boost to Labour.
The government wants to turn a corner after the Covid-19 pandemic and spiking energy bills caused by Russia’s invasion of Ukraine sparked unprecedented state intervention to support the economy and cash-strapped households.