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.