UK Government Offers Tax Cuts to Alleviate Squeeze on Living Standards

Britain's Chancellor of the Exchequer Rishi Sunak leaves the 11 Downing Street to announce budget updates in the House of Commons, in London, on March 23, 2022. Tolga Akmen /AFP via Getty Images

The UK government has promised tax cuts for millions of workers who face a severe squeeze on their living standards amid soaring inflation and the economic impact of the war in Ukraine.

Announcing his half-yearly budget update on Wednesday, Rishi Sunak, the Chancellor of the Exchequer, said he will cut fuel duty by 5 pence a litre ($0.25 per gallon) for the next 12 months.