UK Business Groups Call for Tax Cuts, Next Government to Raise Taxes, and Moody's Raises UK Credit 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 new post-war high due to a £142 billion spending headache. Shadow Chancellor of the Exchequer, Rachel Reeves, pledges to submit her economic plans to independent scrutiny if she becomes chancellor, but questions arise about the accuracy of the Office for Budgetary Responsibility's forecasting. The UK government is considering major tax cuts to win over traditional Tory voters after two by-election defeats. Moody's raises the UK's credit outlook to stable, providing relief to Prime Minister Rishi Sunak.