Prime Minister Rishi Sunak and Chancellor of the Exchequer Jeremy Hunt are working out plans to plug a shortfall of at least 40 billion pounds ($45.50 billion), and their first budget plans are due to be unveiled on November 17.
Officials say the consultations do not rule out any option, including extending an exceptional tax on energy companies and reducing the tax credit on dividend income.
“It is true that we are making difficult decisions…but I have to make it clear to you and your viewers that there will, unfortunately, be much more difficult decisions in the fall statement,” Dowden told Sky News.
He added that the government was forced to make difficult decisions about taxes and spending, while at the same time focusing on protecting vulnerable groups.
Sunak, who won the leadership of the Conservative Party and the presidency of the government after the resignation of Liz Terrace, has vowed to get Britain out of the deep economic crisis and rebuild confidence in politics.
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