Budget 2023: Tax burden to hit highest level since Second World War
1 year, 9 months ago

Budget 2023: Tax burden to hit highest level since Second World War

The Telegraph  

Britain's tax burden is on course to hit a new post-war record as Jeremy Hunt reaps billions of pounds more from a raid on workers, investors and businesses, official forecasts show. The Office for Budget Responsibility expects the UK to avoid a recession in 2023 as stronger tax receipts, tumbling energy prices and measures to get people back to work help the economy to avoid a prolonged downturn. Jeremy Hunt claimed the British economy was "proving the doubters wrong" even as he confirmed the first increase in the headline rate of corporation tax since 1974 from 19pc to 25pc. The OBR said the increase will push corporation tax receipts as a share of the economy to its highest level since the tax was introduced in 1965.

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History of this topic

UK economy shrinks again in another blow to Reeves, new figures show
1 week, 4 days ago

UK economy shrinks again in another blow to Reeves, new figures show

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Rachel Reeves said the figures were disappointing “We are determined to deliver economic growth as …

Businesses in UK say budget will stifle growth
3 weeks, 6 days ago

Businesses in UK say budget will stifle growth

China Daily  

A video grab from footage broadcast by the UK Parliament's Parliamentary Recording Unit shows Britain's Prime Minister Keir Starmer listening as Britain's Chancellor of the Exchequer Rachel Reeves delivers her Autumn budget statement in the House of Commons in London, October 30, 2024. After surveying its member businesses, the CBI said tax rises contained in the budget mean companies now …

British businesses say budget stifling growth
4 weeks ago

British businesses say budget stifling growth

China Daily  

By EARLE GALE in London | China Daily Global | Updated: 2024-11-26 11:01 Britain's Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves, host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street in London, Britain, Nov 21, 2024. After surveying its 190,000 member-businesses, the organization, which is also known as the …

British businesses say budget stifling growth
4 weeks ago

British businesses say budget stifling growth

China Daily  

Britain's Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves, host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street in London, Britain, Nov 21, 2024. After surveying its 190,000 member-businesses, the organization, which is also known as the CBI, said tax rises contained in the budget mean companies now expect to …

UK economy under Labour stalls - what that means for you and your money
1 month, 1 week ago

UK economy under Labour stalls - what that means for you and your money

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chancellor Rachel Reeves has said …

UK economic growth upgraded this year amid ‘temporary boost’ from spending
1 month, 3 weeks ago

UK economic growth upgraded this year amid ‘temporary boost’ from spending

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK economy is set …

The charts that show why Reeves has condemned Britain to a low-growth future
1 month, 3 weeks ago

The charts that show why Reeves has condemned Britain to a low-growth future

The Telegraph  

Ms Reeves’s decision to ramp up employers’ National Insurance will not help, as it imposes costs on businesses – which will be less likely to hire workers as a result – and on staff, who can expect smaller wage increases as a result of the policy. The OBR said higher pay growth in the near term would be followed by …

Britain facing biggest tax rise in G7 even before Reeves’s Budget
2 months ago

Britain facing biggest tax rise in G7 even before Reeves’s Budget

The Telegraph  

The IMF warned that UK debt was on course to keep climbing until the end of the decade, putting it on an unsustainable path. Its chief economist warned this week that rising debt could leave the UK at the “mercy of market pressures” in the absence of a plan to drive it down. The IMF’s latest projections show “general government …

How Britain became addicted to spending
2 months ago

How Britain became addicted to spending

The Telegraph  

Following the Government’s frequent warnings about the dire state of public finances, as well as the “worst economic inheritance since the Second World War”, households are fully primed for a series of tax raids in next week’s Budget. However, despite the Chancellor’s drastic need for cash, what might surprise voters is that tax revenues flowing into the Treasury are already …

Tax rises inevitable as Budget black hole set to persist, says think tank
2 months, 1 week ago

Tax rises inevitable as Budget black hole set to persist, says think tank

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Most of the £22 billion budget gap identified by the …

Britain’s choice: spiralling debt, £40bn in spending cuts or tax rises every 10 years
3 months, 1 week ago

Britain’s choice: spiralling debt, £40bn in spending cuts or tax rises every 10 years

The Telegraph  

However, Mr Hughes rejected a suggestion by Darren Jones, the Chief Secretary to the Treasury, that the soaring debt trajectory was purely down to the “shocking state that our public finances were left in by the previous government”. “Those are challenges that have faced successes in governments over extended periods.” Highlighting America’s rising debt trajectory, Mr Hughes added: “They’re not …

UK economic outlook brighter but growth held back by ‘uncertainties’, says BCC
3 months, 2 weeks ago

UK economic outlook brighter but growth held back by ‘uncertainties’, says BCC

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Britain’s economy is set to …

Economic growth revised up sharply in boost for Britain
4 months, 2 weeks ago

Economic growth revised up sharply in boost for Britain

The Telegraph  

The ONS said it now knew the economy was bigger that year because it has richer figures available from annual surveys and administrative data. When factoring in how much the British population grew and the better growth figures, the revisions mean real gross domestic product per head improved marginally at 0.1pc. The ONS also reviewed how much the economy grew …

UK economy went into shallow recession in 2023: Official data
8 months, 3 weeks ago

UK economy went into shallow recession in 2023: Official data

Live Mint  

Britain's economy entered a shallow recession last year, official figures confirmed on Thursday, leaving Prime Minister Rishi Sunak with a challenge to reassure voters that the economy is safe with him before an election expected later this year. "The weak starting point for GDP this year means calendar-year growth in 2024 is likely to be limited to less than 1%," …

Britain faces years of stagnation because of high interest rates, economists warn
1 year, 5 months ago

Britain faces years of stagnation because of high interest rates, economists warn

The Telegraph  

Britain is facing a prolonged economic slump caused by higher interest rates, economists have warned, with the battle against inflation set to weigh on growth for years to come. In its latest quarterly update, the group said the economy is set to grow by 0.8pc next year, less than half its previous prediction of 1.9pc. Martin Beck, chief economic adviser …

Jeremy Hunt gets £13bn tax cut boost ahead of general election
1 year, 7 months ago

Jeremy Hunt gets £13bn tax cut boost ahead of general election

The Telegraph  

The ONS cautioned that the annual figure was provisional and likely to be revised. It added that it had not yet updated its current tax estimates to reflect the OBR's latest economic forecasts, which predict a brighter economic picture and even stronger tax receipts. Debt interest payments rose by almost 50pc to £106.6bn last year according to the ONS, with …

British economy will take a smaller hit in 2023 than previously anticipated, says IMF
1 year, 8 months ago

British economy will take a smaller hit in 2023 than previously anticipated, says IMF

Firstpost  

Britain is no longer the only Group of Seven economy set for a fall in GDP this year as Germany too is now expected to shrink by 0.1%, the IMF global forecasts indicated. After narrowly avoiding recession in 2022, Britain’s economy has shown some signs of resilience in early 2023 London: Britain is expected to take a smaller economic hit …

Britain to remain world’s worst-performing large economy in 2023
1 year, 8 months ago

Britain to remain world’s worst-performing large economy in 2023

The Telegraph  

Britain will still be the worst-performing large economy in the world this year, even after a significant upgrade in its forecasts, according to the International Monetary Fund. It means that the UK will remain the world’s worst-performing large economy: in Russia, which has been targeted by wide-ranging sanctions from Europe and the US in the wake of the Ukraine war, …

Jeremy Hunt’s ‘back to work’ Budget sees pension limits scrapped and free childcare extended
1 year, 9 months ago

Jeremy Hunt’s ‘back to work’ Budget sees pension limits scrapped and free childcare extended

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Jeremy Hunt unveiled rapidly falling inflation, free childcare for toddlers, and …

Measures announced in Budget to promote jobs, spur economic growth: Finance Ministry
1 year, 10 months ago

Measures announced in Budget to promote jobs, spur economic growth: Finance Ministry

The Hindu  

The measures like increased capex, boosting the green economy and initiatives for strengthening financial markets announced in the Budget 2023-24 are expected to promote job creation and spur economic growth, the Finance Ministry said on Thursday. In its Monthly Economic Review, the Ministry said during the December 2022 quarter, various High-Frequency Indicators pointed towards a slowdown in general, as monetary …

Budget 2023: Why govt should consider tax relief despite limited fiscal room
1 year, 11 months ago

Budget 2023: Why govt should consider tax relief despite limited fiscal room

India Today  

An incremental tax relief in the upcoming Union Budget 2023 could help the central government provide consumption support to the Indian economy in FY24 and shield it from the worsening financial environment in the West. Recently, global economic experts, including International Monetary Fund Deputy Managing Director Gita Gopinath, noted that an inflation-driven price shock could disrupt the lives of people …

Budget This Year To Follow Spirit Of Earlier Ones, Says FM Nirmala Sitharaman
2 years ago

Budget This Year To Follow Spirit Of Earlier Ones, Says FM Nirmala Sitharaman

ABP News  

Finance Minister Nirmala Sithataman on Friday indicated that her forthcoming Budget will continue to push growth on the back of public spending as she said it will "follow the spirit" of earlier Budgets. In the Budget, the finance minister had raised capital expenditure by 35.4 per cent for the financial year 2022-23 to Rs 7.5 lakh crore to boost demand, …

Budget this year to follow spirit of earlier ones: Sitharaman
2 years ago

Budget this year to follow spirit of earlier ones: Sitharaman

The Hindu  

Finance Minister Nirmala Sithataman on December 16 indicated that her forthcoming Budget will continue to push growth on the back of public spending as she said it will "follow the spirit" of earlier Budgets. In the Budget, the Finance Minister had raised capital expenditure by 35.4% for the financial year 2022-23 to ₹7.5 lakh crore to boost demand, while the …

UK push to restore finances means higher taxes, energy bills
2 years, 1 month ago

UK push to restore finances means higher taxes, energy bills

Associated Press  

LONDON — 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. The agency said Hunt’s proposals would help slow inflation, boost economic growth and rein in government spending over the next five years. “This, …

UK budget takeaways: Higher taxes, more aid to needy
2 years, 1 month ago

UK budget takeaways: Higher taxes, more aid to needy

Associated Press  

LONDON — 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 …

Tories increase taxes, cut spending as recession looms
2 years, 1 month ago

Tories increase taxes, cut spending as recession looms

The Hindu  

The Rishi Sunak government announced a £55 billion “consolidation” package of tax hikes and spending cuts in an attempt to get Britain’s public finances back on track partly to undo the damage caused by former Prime Minister Liz Truss’s September ‘Mini-Budget’, which had startled markets. The ‘Autumn Statement’, which was a response to the soaring cost of living, high energy …

Autumn Statement 2022 latest: Pension and welfare rises 'the right thing to do', insists minister
2 years, 1 month ago

Autumn Statement 2022 latest: Pension and welfare rises 'the right thing to do', insists minister

The Telegraph  

The Government is tackling Britain's current economic problems "head-on", Jeremy Hunt said on Thursday evening as he defended £25billion of tax rises. Mr Hunt raised the tax burden to its highest level since 1948 through measures in his Autumn Statement, while retaining the state pension triple lock and increasing benefits in line with inflation. The Chancellor reduced the threshold at …

UK government warns of impending tax hikes to come this week
2 years, 1 month ago

UK government warns of impending tax hikes to come this week

Firstpost  

Liz Truss’s successor Rishi Sunak, who was heading to a G20 economic summit in Indonesia, has vowed to get soaring inflation under control even if it means more pain for hard-pressed consumers and businesses London, United Kingdom: Britain’s government on Sunday warned of impending tax hikes, especially for the wealthy, as it bids to repair economic havoc wrought by the …

UK economy shrinks as economists warn of more pain to come
2 years, 1 month ago

UK economy shrinks as economists warn of more pain to come

Associated Press  

LONDON — Britain’s economy shrank in the three months to September, official statistics said Friday, as forecasters warned of many months of contraction to come. Martin McTague, national chairman of the Federation of Small Businesses, said the fall in GDP “is one headline figure made up of countless bits of disappointing news for small businesses across the country – a …

The budget has done well in retaining its growth focus
2 years, 10 months ago

The budget has done well in retaining its growth focus

Live Mint  

The Union Budget 2022-23 was truly a transformative and visionary document, which laid the blueprint for the next 25 years through boosting investments, creating jobs, improving ease of doing business, maintaining tax stability and support to the stressed sectors. The continued rise in capital spending lends credence to the government’s vision of improving the economy’s growth potential through a push …

Budget 2022: Tax Breaks, Fuel Tax Cuts Needed to Boost Consumption, Says Report
2 years, 10 months ago

Budget 2022: Tax Breaks, Fuel Tax Cuts Needed to Boost Consumption, Says Report

News 18  

Mumbai, Jan 28: The forthcoming budget needs to delay fiscal consolidation, instead should focus more on supporting the pandemic battered-economy and boost consumption demand by offering income tax soaps and cutting fuel taxes, says a report. In a pre-budget report, India Ratings said it expects the new budget to consolidate and strengthen the plan set out in the last budget, …

UK GDP: Recovery still lagging other G7 economies as growth slows
3 years, 1 month ago

UK GDP: Recovery still lagging other G7 economies as growth slows

CNN  

London CNN Business — UK GDP growthslowed between July and September, leaving the economy still around 2% smaller than it was before the pandemic and trailing the recovery in other G7 nations. The UK economy, struggling with supply chain disruptions and high energy prices, expanded by 1.3% in the quarter, down from growth of 5.5% in the previous three-month period …

UK extends costly COVID aid, announces tax hike for businesses
3 years, 9 months ago

UK extends costly COVID aid, announces tax hike for businesses

Al Jazeera  

Among the UK’s new measures are a five-month extension of the jobs rescue plan, the continuation of an emergency increase in welfare payments, and an extension of a VAT cut for the hospitality sector. United Kingdom finance minister Rishi Sunak announced a costly extension of his emergency aid programmes to see the UK’s economy through its current coronavirus lockdown, but …

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