The UK’s Chancellor of the Exchequer, Jeremy Hunt, has defended his decision to raise £25 billion ($30 billion) by raising taxes amid claims by some economists that it would hurt middle-income earners, the so-called “squeezed middle.” Hunt was criticised by former Business Secretary Jacob Rees-Mogg, who said he had taken the “easy option” and should have…
UK Chancellor Defends Decision to Raise Taxes for UK’s ‘Squeezed Middle’
November 18, 2022
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autumn statementBusiness & Marketseconomic policieseconomyinflationJeremy Huntpersonal financeraising taxesRishi SunakUKWorld
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Inflation Reduction Act Causing Inflation
Commentary An additional $700 billion in government spending tied to the Inflation Reduction Act will make inflation worse, not better. The Inflation Reduction Act of 2022 is meant to curb inflation by laying out billions of dollars. This is contrary to economic logic, though, and even the Congressional Budget Office has said that this act…
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