Every year, Britain’s top financial official presents tax and spending plans in Parliament to boost economic growth and manage the nation’s debt. This year, Jeremy Hunt, the chancellor of the Exchequer, announced tax cuts for nearly 30 million workers. The National Insurance rate will be reduced by two percentage points, saving employees about 900 pounds a year. The markets reacted calmly to the announcement, as the tax cuts are smaller and offset by other tax increases. The Conservative Party hopes that these cuts will improve their position in the polls. However, the British public prefers funding for public services over tax cuts. There is a clear frustration over the state of public services, and economists urge the government to increase investment. Public services are under immense pressure, with millions of patients waiting for National Health Service treatment. For more details, you can visit www.nytimes.com
