UK Budget

Alex Kerr, an economist with Capital Economics, said the figures highlighted the limited scope Reeves had to increase day-to-day spending without raising taxes

Companies in Singapore, the United States, Britain, Australia, and Germany reported the biggest falls in vacancies, with firms citing low business confidence as a key factor

A British Chambers of Commerce survey last week showed the escalating conflict in the Middle East was a "major factor" behind anxiety in boardrooms - though potential tax hikes were a bigger worry

Britain's Treasury chief says he's increasing the windfall tax on the profits of oil and natural gas companies as he announced an emergency budget aimed at restoring the nation's economic credibility and patching up its battered finances. Jeremy Hunt said Thursday that the windfall tax will rise from 25% to 35% from January 2024 to March 2028 and that electricity generators will have to pay a new temporary levy of 45%. He said the taxes combined would raise 14 billion pounds next year. Energy companies such as London-based BP and Shell have reported huge profits in recent months as Russia's war in Ukraine pushes up energy prices worldwide. Britain's government has faced pressure to increase taxes on oil and gas companies to help fund support for millions of Britons struggling to cope with soaring energy prices. Prime Minister Rishi Sunak, a former Treasury chief, introduced a 25% energy profits levy earlier this year but that was limited to profits made from extracting U.K. oil an

So many demands. So little money. Just three weeks after taking office, British Prime Minister Rishi Sunak faces the challenge of balancing the nation's budget while helping millions of people slammed by a cost-of-living crisis as Russia's war in Ukraine pushes up energy prices and slows economic growth. Treasury chief Jeremy Hunt will deliver the government's plan for tackling a sputtering economy in a speech to the House of Commons on Thursday. The emergency budget statement aims to restore the government's financial and political credibility after former Prime Minister Liz Truss announced 45 billion pounds ($53 billion) in unfunded tax cuts that torpedoed investor confidence, sent the pound to record lows against the U.S. dollar and sparked emergency central bank intervention. Truss was forced to resign six weeks after taking office. Hunt is expected to announce 30 billion pounds in spending cuts and 24 billion in tax increases, the BBC and other British media reported. The ...

Kwarteng recently said that he was 'absolutely, 100 per cent' confident that he would be in post in November despite rising rebellion

Allies of Sunak clarified he would not increase corporation tax higher than 23 per cent

Finance minister Rishi Sunak is unlikely to announce these taxes at the budget announcement scheduled for March 3

A new discounted rate of 470 pounds has been incorporated for children aged under 18

Britain's debt office said it was cutting its debt issuance plans for this year by 1 billion pounds