Rishi Sunak has delivered his mini-budget – here are the main points, with political analysis
Conservatives entered government, the UK has experienced the biggest downgrade in growth of anySunak uses these figures as a way to emphasise the difficult choices made in the rest of the statement. Again, he links them directly to the Ukraine crisis, saying choices to sanction Putin’s regime were not cost-free.Fuel duty will be cut for only the second time in 20 years, by 5p a litre for a full 12 months.
In its previous forecasts in October, the OBR had estimated borrowing would be 7.9% of GDP, or £183bn in cash terms, in 2022-23. “We should be prepared for the economy and public finances to worsen potentially significantly,” Sunak said.prompting lobbying for public spending, Sunak has continually stressed to MPs that the counter is the cost of the UK’s enormous borrowing, with March the third month in a row to break monthly debt interest records.Sunak said the planned 1.25-percentage-point rise in national insurance contributions must remain, as a “dedicated funding source” for health and social care.
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.
From carcasses to ‘westie car culture’: scenes from the 2022 Adelaide biennialUnder the title Free/State, artists are examining and celebrating the concept of freedom, in works that touch on Covid lockdowns, detention centres and souped-up muscle cars
Read more »
Where to watch, who got snubbed: everything you need to know about the 2022 OscarsFinal preparations are underway for the 94th Academy Awards and a long-awaited return to Hollywood’s glamorous normalcy. Here’s what to expect come Monday.
Read more »
Boxing 2022: Tim Tszyu cancels outdoors Minneapolis training session because of flu concerns‘Would have to be superhuman’: Tszyu dumps workout plan over flu fears
Read more »
Where to watch, who got snubbed: everything you need to know about the 2022 OscarsFinal preparations are underway for the 94th Academy Awards and a long-awaited return to Hollywood’s glamorous normalcy. Here’s what to expect come Monday.
Read more »
World Cup 2022 qualifying: the spots in Qatar up for grabs this week | Ben McAleerThis is a huge week for the 44 countries still in the hunt for places at the World Cup finals tournament this year
Read more »
Budget 2022: Cutting fuel excise not the solution to high petrol pricesCurrently Australia&x27;s fuel excise is priced at 44.2 cent per litre of fuel, with many speculating that the Morrison Government would cut or reduce the tax in next week&x27;s Federal Budget.
Read more »