Uk Budget

Britain's Budget message is: If you invest in the country, we will back you

Indian businesses are in pole position to benefit from measures announced by Chancellor Rachel Reeves

UK Treasury chief Reeves set to raise taxes again in her second budget

Following weeks of speculation, Britain's unpopular Labour government will deliver its second budget later Wednesday since it returned to power in a landslide election victory in July 2024 after 14 years in opposition. Treasury chief Rachel Reeves, the first woman to hold the post of Chancellor of the Exchequer, is set to tell lawmakers that more tax-raising measures are necessary to plug a hole in the public finances. Reeves said much the same at her first budget a little more than a year ago. That budget, she had insisted, would be the one and only big tax-raising budget in this parliamentary term, which is due to run to 2029. Unfortunately for Reeves, the British economy, the world's sixth-largest, is not doing as well as she hoped, with many critics blaming her decision last year to slap taxes on business. Though there were signs that the economy was on the mend in the first half of the year when it was the fastest-growing among the Group of Seven leading industrial nations, it'

UK borrowing surpasses forecasts again as Reeves prepares for 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

US election, UK budget, global tensions lower global vacancies: Survey

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

Geopolitical concerns dent big UK biz optimism ahead of Budget: Deloitte

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

UK govt increases windfall tax on profits of oil, natural gas companies

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

UK unveils emergency budget statement amid big demands but little cash

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 ...

UK PM Liz Truss sacks finance minister Kwarteng: Here is what happened

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

UK's Rishi Sunak to raise business tax to pay for Covid-19 support

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

UK plans to tax firms that profited from Covid-19 pandemic, says report

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

Long-term visas to UK set to become more expensive in Rishi Sunak's Budget

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

UK's Hammond hits budget deficit target, bigger tests ahead

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