Tausi Insider

British Finance Minister Jeremy Hunt, in London, on Nov. 17. Alastair Grant/The Associated Press Millions of people across Britain face higher taxes and energy bills after the government on Thursday announced an emergency budget focused on restoring the country’s financial credibility and bolstering an economy battered by soaring inflation. Treasury chief Jeremy Hunt unveiled a £55-billion ($86-billion) package of tax increases and spending cuts designed to demonstrate that Britain is committed to paying its bills after his predecessor spooked financial markets by proposing tax cuts without saying how they would be paid for. Mr. Hunt sought to cushion the blow by pledging to protect the most vulnerable, announcing that he would increase welfare benefits and state pension payments in line with inflation and help low-income residents with their energy bills. The government will also maintain investment in energy and infrastructure projects to boost economic growth, he said. Even so, th...

Embattled property developer China Evergrande on Monday said that its current auditor, PricewaterhouseCoopers (PwC), has resigned as the parties disagreed over the timeline and scope of work surrounding the firm’s status as a going concern and other audit-related matters for fiscal 2021. Once China’s top-selling developer, Evergrande is now at the center of the country’s property crisis. Its $22.7-billion of offshore debt, including loans and private bonds, is deemed to be in default after it missed payments late last year. In its resignation letter, PwC noted that it had not received information on certain material matters surrounding the group’s consolidated financial statements for the year 2021. Evergrande, which has been scrambling to raise funds to repay its creditors, is in the midst of a debt restructuring process in which stakeholders are awaiting the completion of its audited financial rundown for 2021. PwC also flagged that the group had not settled certain interest-bearin...