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Rishi Sunak budget seeks to stabilize Britain's economy, rattled by Liz Truss

By William Booth and Karla Adam

17 Nov 2022 · 4 min read

Editor's Note

The new U.K. government presented a sobering financial plan today, the Washington Post reports. Everyone is likely to feel the pain as the country tries to restore economic stability.

London - The new government of Prime Minister Rishi Sunak executed a screeching U-turn from his predecessor on Thursday, unveiling an economic plan that calls for billions of dollars of tough spending cuts alongside steep tax increases, in a package designed to stabilize skeptical financial markets and tackle soaring inflation.

Unveiling the five-year plan, Britain's new finance minister, Chancellor of the Exchequer Jeremy Hunt, warned that Britain faced a global "economic storm," with soaring energy and food prices coupled with the highest inflation rate - 11.1 percent last month - in more than 40 years.

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