London CNN —
UK finance minister Jeremy Hunt is poised to announce a tax cut for workers Wednesday when he unveils what is likely to be the government’s last budget before a general election later this year.
A cut to national insurance — a levy paid by people who work — costing around £10 billion ($12.7 billion) is likely, according to multiple UK media reports. But soaring government debt, crumbling public services and a lackluster economy leave the chancellor with very little room for further substantial giveaways.
The UK economy barely grew in 2023, slipping into
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