The new UK Chancellor Kwasi Kwarteng (the equivalent of a finance minister in Malaysia) announced a mini-budget as soon as business resumption after the burial of the Queen. Kwasi became Minister in the cabinet of new UK Prime Minister Liz Truss.
While the ‘minister’ announced a lot of relief in the mini-budget, he did not announce any taxes or any source of income that would cover for the benefits given to companies and individuals.
Instead of taxes to finance the budget, the government will have to borrow the money they need for Kwarteng’s proposals. This amounts to “tens of billions of pounds”, according to the BBC.
