Chancellor Kwasi Kwarteng delivered his highly anticipated mini-budget this morning, which included massive changes to parts of the UK economy 💼 Here are all the key points from the announcement 👇
which were confirmed today which will allow planning rules to be relaxed in certain designated areas and will reduce business taxes to encourage investment.According to the Chancellor, the consensus among ‘independent forecasters’ was that the government’s energy plan ‘will reduce peak inflation by around five percentage points’.
He highlighted the Bank of England are taking steps to try and control inflation and had raised the base rate of interest this week, and the government considers the Bank’s independence to be ‘sacrosanct’.Mr Kwarteng also highlighted the government wants a new approach to growth, with the aim to reach a trend of growth of 2.5%.
He said the government will set out its fiscal approach more fully in future, and the Office for Budget Responsibility will publish an economic and fiscal forecast before the end of the year, with a second to follow in the new year. The energy package will cost around £60 billion for the six months from October, funded largely by borrowing rather than a windfall tax on energy profits as Labour had called for.
An announcement in the coming weeks will cover ‘the planning system, business regulations, childcare, immigration, agricultural productivity and digital infrastructure’.The Rail, Maritime and Transport union
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The best Nothing Ear 1 price todayGetting the lowest Nothing Ear 1 prices is easy as opening up this page.
Read more »
Workers getting a pay rise from today as Real Living Wage goes upChanges to the Real Living Wage have been brought forward to help mitigate the cost of living crisis
Read more »
Xbox Game Pass adds three new games todayThe Xbox Game Pass library grows once again today with three new games joining the service, including the first-person adventure game Slime Rancher 2.
Read more »
2022 NASCAR at Texas - Start time, how to watch, entry list & moreThe Round of 12 opens at Texas Motor Speedway this weekend, a race some are calling one of the most crucial in the entire NASCAR Cup Series playoffs.
Read more »
Interest rates set for biggest hike in more than three decades todayIt would be the highest interest rate that the UK has had since the financial crisis
Read more »