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Tax & Spend

UK’s Growth Plan Is Dead as Sunak Pivots Toward Spending Cuts

  • Treasury is focused on firming up investor confidence
  • Windfall tax and health care levy are back on the agenda
Rishi Sunak 
Rishi Sunak Photographer: Chris J. Ratcliffe/Bloomberg

Britain’s plan for growth is dead for now.

Prime Minister Rishi Sunak’s government is focusing instead on filling a deep hole in the public finances caused by rising interest rates, rocketing inflation and a likely recession, all of which have exhausted the resources available for stimulating the economy, an official with knowledge of the matter said.