British Prime Minister Rishi Sunak has decided to close the multi-billion hole in the country's budget through austerity - he intends to sharply reduce public spending, including funding for schools, police, municipalities and transport, The Times writes.

The budgets of the Interior Ministry and Justice Ministry will also be cut. Sunak and Treasury Secretary Jeremy Hunt want to see a slowdown in government spending growth after 2025 from the planned 3.7 percent to 1 percent. In this way, the new head of government intends to cover a budget deficit estimated at 55 billion pounds (more than $62 billion) by 2027-2028, saving 25 billion pounds (more than $28 billion) a year.

Sunak and Hunt's goal is to restore confidence in the financial markets. The budget plan of Hunt's predecessor, Kwasi Kwarteng, to cut taxes led to a record fall in sterling against the dollar and a massive flight of investors from British assets. As a result, Liz Truss had to resign as prime minister, despite her rejection of the scandalous plan.