UK Plans Tax Hikes and Spending Cuts to Fund New Budget Without Increasing Debt

UK Chancellor John Healey plans to raise taxes or cut existing spending to fund the new fiscal budget announced on October 28, avoiding increased government borrowing for new expenditures. Sources say the UK government aims to achieve a net fiscal improvement in the 2029/30 financial year, ensuring all new autonomous spending is fully funded. Amid pressure from the Iran war, the government intends to preserve current fiscal space as an emergency reserve for future economic shocks. (Sina Finance)