Tuesday's front page: Britain faces longest ever recession in 'toxic shock' TomorrowsPapersToday Latest by HugoGye:
Speaking after the decision to raise interest rates by 0.75 points to 3 per cent, Bank of England Governor Andrew Bailey said: “This is a huge shock. If you compare this to the 1970s, and you compare this year to single years in the 1970s, and also government policies comes into play there in terms of energy markets, this is a bigger shock than in any year in the 1970s.”and will not return to growth until late in 2024. GDP will shrink by 1.
“Sound money and a stable economy are the best ways to deliver lower mortgage rates, more jobs and long-term growth. However, there are no easy options and we will need to take difficult decisions on tax and spending to get there.”The dividend tax measure could hit the more than five million people in the UK who are estimated to own stocks or shares in a company.
Business owners sometimes pay themselves in dividends rather than a salary because the headline tax rate is lower than income tax. Some opposition politicians have called for the rate to be increased so it is the same as income tax, but the Chancellor is likely to resist this suggestion. Global economic shocks, apparently exacerbated by political chaos, have eliminated the Chancellor’s “headroom” in the public finances and created an annual deficit of tens of billions of pounds.But Treasury insiders have concluded if they do not eliminate the deficit, markets will respond badly and risk a further financial spiral.: “The previous Government tried to stick their heads in the sand and pretend you could just cut taxes, it didn’t work.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
German Chancellor condemns climate protesters who “stopped” emergency services reaching injured cyclistGerman Chancellor condemns climate protesters who “stopped” emergency services reaching injured cyclist A female cyclist suffered “life-threatening injuries” in a collision involving a lorry driver in Berlin, as activists blocked the city's roads cycling
Read more »
Germany's chancellor heads for China amid public concern about growing dependenceHaving suffered in recent months due to an overreliance on Russian energy, many are keen to avoid the same pitfalls with Beijing.
Read more »
Millions face mortgage misery: What the Bank of England's interest rate rise means for youThe Bank of England hiked interest rates by 0.75 per cent to 3 per cent on Thursday.
Read more »
Warning to stay inside on Bonfire Night as millions set to enjoy fireworksA WARNING has been issued to some Brits near firework displays with some being sent a letter telling them to “stay inside” on bonfire night due to the risk of “debris”. Loca…
Read more »