UK Business Groups Call for Tax Cut, Government Faces Spending Headache, and Moody's Raises Outlook

UK business groups call on Chancellor Hunt to cut business taxes and implement other measures to boost growth. The next UK government is expected to raise taxes to a postwar high due to a 142 billion ($172 billion) spending headache. The Shadow Chancellor of the Exchequer pledges to submit economic plans to independent scrutiny, but the accuracy of the data collected by the Office for Budgetary Responsibility (ORB) has been questioned. The UK government is considering major tax cuts to win over traditional Tory voters after two by-election defeats. Moody's raises its outlook on the UK, providing relief to Prime Minister Sunak after his party suffered defeats in two special elections.