Photo: Ugur Akdemir, UnsplashPhoto: Ugur Akdemir, UnsplashUnited Kingdom
Chancellor John Healey delivers first Budget with energy support and tax measures
The Budget's tax changes and support measures affect households, businesses and bank profits, drawing criticism over economic growth and public finances.
What happened
Chancellor John Healey delivered his maiden Budget, described by some as a steady as she goes Budget. Your Local Guardian+1 The Budget set out council tax and winter fuel measures for thousands of households while refusing to increase fuel duty. Carnegie UK It confirmed an increase to the national minimum wage. Carnegie UK The Budget announced plans to reduce trade tariffs on 100 food and drink products. Carnegie UK It introduced a temporary 3% Corporation Tax surcharge on banks and a new Founders' Relief offering 10% capital gains tax rates for innovative startups. Legal 500
Around it
Critics argue the Budget fails to tackle key economic issues, with one MP calling it a steady as she goes Budget. Your Local Guardian Carnegie UK research found that 1 in 20 people cannot afford enough food for everyone in their household and 1 in 8 cannot keep their home adequately warm. Carnegie UK The Chancellor faced limited revenue-raising options given the manifesto pledge not to increase National Insurance, Income Tax or VAT for working people, against a backdrop of elusive growth, high inflation and rising public debt. Legal 500 The war in Iran has added pressure on public finances, inflation and energy prices. Your Local Guardian
Sources
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- Photo: Ugur Akdemir, Unsplash
Photo: BBC
Photo: BBC