LONDON (AP) — The British government on Thursday unveiled an emergency budget featuring billions in tax increases in a bid to restore trust and stability in the U.K. economy and help millions struggling to cope with a deepening cost-of-living crisis.

Treasury chief Jeremy Hunt said state pensions and welfare will rise to match inflation and announced targeted measures to help the country's poorest people. But personal finances for millions will worsen, with higher income taxes and fewer government subsidies next year to help with soaring energy bills.

A look at the main measures announced by Hunt:

INCOME TAXES TO GO UP

More high-earners will be paying the top rate of income tax, with the threshold dropping from those earning 150,000 pounds a year to people earning 125,140 pounds ($147,790) or more.

HELP ON ENERGY BILLS TO CONTINUE, BUT REDUCED

The government will continue to cap the amount people pay for household energy bills to help ease the pain of skyrocketing gas and electricity prices. But people will have to pay more starting in April, when the cap goes up from 2,500 pounds per year for the average household to 3,000 pounds ($3,535) per year. The measure will last until April 2025.

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