UK budget update disappoints consumers as inflation soars

By DANICA KIRKA
Associated Press

LONDON (AP) — Britain’s Treasury chief has announced a package of tax cuts and support payments that fell far short of what consumer advocates had demanded to shield working families from the soaring cost of living. That’s triggered criticism that Rishi Sunak doesn’t understand the scale of the crisis. He cut fuel taxes by 5 pence per liter, increased the level at which people begin paying for social insurance, and said the government would provide an additional 500 million pounds for local councils to use to assist low-income residents. He announced the package as inflation hit its highest level in 30 years and the impact of Russia’s war in Ukraine cut forecasts for economic growth over coming years.