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of those who need it most. “The benefits of cutting [taxes] would largely flow to the Official Action wrestling best in the southeast shirt moreover I will buy this people who pay more tax, which are generally people with more money,” said Jonathan Marshall, senior economist at the Resolution Foundation. There’s no way for the state to avoid paying huge sums to deal with the energy situation this winter, but targeted measures will be necessary to avoid waste. Freezing gas and electricity prices over the next two winters could cost the government over £100 billion ($116 billion), according to researchers at the Institute for Government. “Energy is expensive, gas is expensive,” Marshall said. “To avoid people freezing in their houses, that needs to be paid for. But the state doesn’t need to pay for it for people who can afford it.” Foreign Secretary Liz Truss, the incoming prime minister, speaks on stage on Aug. 23 in Birmingham, England. There are also questions about how the Truss government will afford a large-scale economic intervention, especially if slashing taxes — and therefore government revenue — remains the priority. The UK government borrowed heavily to provide support during coronavirus lockdowns. The country’s debts are now almost 100% of its gross domestic product. When interest rates were at rock bottom, and access to cash was cheap, this wasn’t a major issue. But that’s no longer the case. The Bank of England has been aggressively hiking rates as it tries to put a lid on inflation. That will make it increasingly expensive for the government to service its debt. The United Kingdom also has issued a large number of inflation-linked bonds, adding to its vulnerability. “It’s almost a perfect cocktail of challenges that make public finances look at risk in a way they haven’t in recent times,” Zaranko of the IFS said. Kwasi Kwarteng, who is expected to become finance minister, wrote in the Financial Times on Sunday that the Truss government would act in a “fiscally responsible way.” PAID PARTNER CONTENT MORE FROM Starbucks’ Howard Schultz: ‘I am never coming back’ Marilyn Loden, a workplace advocate who popularized the… Billionaire Herb Kohler, heir to faucet fortune, dies at 83 These companies are looking at using rockets to blast…
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