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But as The Daily Telegraph reports, the prime minister and the chancellor are resisting calls to cut taxes, with Jeremy Hunt stating last week that inflation needs to come down first. “Economy to shrink after tax raid, says IMF” is the paper’s headline, adding that the IMF’s growth downgrade for the UK reflects higher taxes and interest rates.

Daily Telegraph Front Page 9th of January 2025

The Treasury has intervened with extraordinary measures to stabilise the turbulent financial markets, addressing the impact of the recent Budget and the rising costs of national debt, in an effort to restore confidence and prevent economic destabilisation.

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