UK PM Burnham Cuts Electricity Tax to Ease Cost-of-Living Crisis

British Prime Minister Andy Burnham announced on Tuesday the removal of value-added tax from domestic electricity bills starting October 1, cutting approximately £45 from the average annual bill of £1,862. This is the first of several early moves to address the cost-of-living crisis and public anger over previous governments' failure to deliver change. The tax cut will be funded by savings from canceling a £1.8 billion digital ID program announced on Sunday. Burnham, 56, former mayor of Greater Manchester, stated the action aims to put more money in people's pockets and bring back hope, though he acknowledged on Monday that early policies may not fully alleviate pressure. A longer-term plan is expected later this year. Bond investors are monitoring how fiscal support will be financed.