Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

IMF calls on UK to ‘re-evaluate’ tax-cutting measures

IANS
Updated: September 29th, 2022, 15:26 IST
in Business, International
0
IMF - Pakistan
Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

London: The International Monetary Fund (IMF) has openly questioned the UK’s new fiscal plans and called for more targeted support measures.

An IMF spokesperson called the fiscal measures, including the large-scale tax cuts, “untargeted” and said they will “likely increase inequality” given “elevated inflation pressures” in the UK, reports Xinhua news agency.

Also Read

FADA

Domestic automobile retail sales up 5% in June; PVs, two-wheelers witness growth: FADA

1 hour ago
Donald Trump

Trump warns additional 10% tariff on nations supporting ‘anti-American policies of BRICS’

2 hours ago

The IMF said that “it is important that fiscal policy does not work at cross purposes to monetary policy” and called on the UK government to “re-evaluate the tax measures, especially those that benefit high-income earners”, November 23, when Chancellor Kwasi Kwarteng is expected to make his next budget announcement.

The UK consumer price index rose by 9.9 per cent in the 12 months to August, as food and non-alcoholic beverage prices rose by 13.1 per cent.

To tackle high inflation, the Bank of England (BoE) has increased interest rates to 2.25 per cent, the highest since 2008.

In response, a UK Treasury spokesperson said Kwarteng will “publish his medium-term fiscal plan November 23, which will set out further details on the government’s fiscal rules.”

The rebukes were part of drastic market reactions to the government’s new measures.

The plans, announced September 23 by Kwarteng, include cancelling the planned increase in corporation tax to 25 per cent and keeping it at 19 per cent, and reversing this April’s 1.25 percentage point rise in National Insurance contributions.

He also announced a one percent cut to the basic rate of income tax to 19 per cent in April 2023, one year earlier than planned.

The 45 per cent additional rate of income tax on earnings above 150,000 British pounds ($163,000) will also be scrapped.

Kwarteng set a target of 2.5 per cent economic growth alongside these plans.

According to the Chancellor, the tax cuts and reforms, the biggest package in generations, “send a clear signal that growth is our priority”.

The 45-billion-pound tax cut is the biggest since 1972.

Earlier this month, the UK government also announced a series of measures to support households and businesses with their surging energy bills amid a worsening cost-of-living crisis.

However, since the announcement of the new measures, the sterling has fallen and the cost of government borrowing has soared.

On Monday, the pound tumbled to trade as low as $1.035, taking it closer to parity. The pound remained under pressure Wednesday, trading against the dollar at $1.07.

Tags: IMFTax-cutting measuresUK
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

Shreyanshu Bal

December 12, 2019
#MyPaperBagChallenge

Bijswajit Pradhan

December 12, 2019
#MyPaperBagChallenge

Parbati Mohanty

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Rajashree Manasa Mohanty

December 12, 2019
#MyPaperBagChallenge

Pragyan Priyambada

December 12, 2019
#MyPaperBagChallenge

Arya Ayushman

December 12, 2019
#MyPaperBagChallenge

Aman Kumar Barisal

December 12, 2019
#MyPaperBagChallenge

Sarmistha Nayak

December 12, 2019
#MyPaperBagChallenge

Jhili Jena

December 12, 2019
#MyPaperBagChallenge

Tabish Maaz

December 12, 2019
#MyPaperBagChallenge

Mrutyunjaya Behera

December 12, 2019
#MyPaperBagChallenge

Kamana Singh

December 12, 2019
#MyPaperBagChallenge

Akriti Negi

December 12, 2019
#MyPaperBagChallenge

Akshaya Kumar Dash

December 12, 2019
#MyPaperBagChallenge

Spinoj Pattnaik

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Ipsita

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar Ghibela

December 12, 2019
#MyPaperBagChallenge

Archana Parida

December 12, 2019
#MyPaperBagChallenge

Sitakanta Mohanty

December 12, 2019
#MyPaperBagChallenge

Sisirkumar Maharana

December 12, 2019
#MyPaperBagChallenge

Adweeti Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Archit Mohapatra

December 12, 2019
#MyPaperBagChallenge

Anshuman Sahoo

December 12, 2019
#MyPaperBagChallenge

Pitabas Tripathy

December 12, 2019
#MyPaperBagChallenge

Diptiranjan Biswal

December 12, 2019
#MyPaperBagChallenge

Sibarama Khotei

December 12, 2019
#MyPaperBagChallenge

Adrita Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Adyasha Priyadarsani Sendha

December 12, 2019

Archives

Editorial

Acknowledge Failure

Deputy Chief of Army Staff Lieutenant General Rahul R Singh
July 7, 2025

Deputy Chief of Army Staff Lieutenant General Rahul R Singh’s candid revelations about Operation Sindoor at a FICCI event ‘New...

Read more

Politics of Philosophy

AAKAR PATEL
July 6, 2025

The BJP’s constitution (Article 3) says, “Integral Humanism shall be the philosophy of the party.” The party’s membership form has...

Read more

India’s Spy Shift

July 5, 2025

India’s espionage architecture is quietly shifting. The appointment of Parag Jain as the new chief of RAW comes at a...

Read more

Hungary Lessons

Hungary
July 2, 2025

Revolting against oppression and seeking freedom is ingrained in human nature, something that a repressive regime finds out sooner or...

Read more
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2024 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST