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Search resuls for: "Elizabeth Piper David Milliken"


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LONDON, Nov 7 (Reuters) - British finance minister Jeremy Hunt will seek to fill a 50 billion pound ($57 billion) hole in the country's public finances with around 30 billion pounds of spending cuts and 20 billion in tax rises, two government sources said on Monday. Hunt is due to present a fiscal statement to parliament on Nov. 17. Britain's Guardian newspaper reported on Sunday that early drafts of Hunt's statement included up to 35 billion pounds of spending cuts and 25 billion pounds of tax rises, while on Monday the Financial Times gave figures of 33 billion pounds and 21 billion pounds respectively. Last week a finance ministry source said broad-based tax rises were likely to fill a "fiscal black hole". Most of the 45 billion pounds of unfunded tax cuts which Kwarteng announced were rapidly reversed, apart from a 16 billion pound cut in payroll taxes which took effect on Nov. 6.
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