London, Nov 18 (TIWN) UK Chancellor Jeremy Hunt Thursday announced a package of tax hikes and spending cuts worth 55 billion pounds ($65 billion) in a bid to improve the public finances and restore the country's economic credibility.

Chancellor of the Exchequer Jeremy Hunt of the United Kingdom (UK) on Thursday announced a package of tax hikes and spending cuts worth 55 billion British pounds (65 billion U.S. dollars) in a bid to improve the public finances and restore the country's economic credibility.