Umamah Bakharia | ub@radioislam.co.za

2 min read
15 March 2023 | 23:15 CAT

The United Kingdom’s finance minister, Jeremy Hunt, has unveiled a plan aimed at speeding up an idled economy just as thousands of workers continue to protest calling for better working conditions and wages as the nation faces a worsening cost-of-living crisis.

UK Finance Minister, Jeremy Hunt.
Picture: The Spectator

In his address on Wednesday, Hunt unveiled childcare and tax reforms to increase the workforce and corporate tax breaks that he’s government hopes will boost low levels of business investment. Adding that he would extend help for households hit by increased energy bills while freezing tax on fuel.

This was announced in his budget speech in parliament which was not welcomed from the opposition Labour Party.

Hunt who navigates the world’s sixth biggest economy says he aims to avoid a recession this year.

“In the face of enormous challenges, I report today on a British economy which is proving the doubters wrong,” said Hunt.

Following the aftermath of Brexit, the COVID-19 pandemic and inflation, the UK economy is the only one among the Group of Seven nations yet to recover to its pre-pandemic size.

Hunt also announced a new incentive for business investment that will allow companies to offset 100% of their capital expenditures against profits.

Other measures included more investment in nuclear power.