British Chancellor of the Exchequer, Jeremy Hunt, addressed the British Parliament on Thursday morning, the 17th, and made new announcements about the government’s fiscal planning. According to him, the new projects should cause economic slowdown in the country. “Low” and the increase in unemployment is “low”.
Among the key planned changes, the government will reduce the floor of the maximum rate to 45% Income taxIncrease the rate of payment on windfall profits of companies in the oil and gas sector from 25% to 35% from 150 thousand pounds to 125,140 thousand pounds a year.
British IR’s new platform will have an initial period of two years, while according to Hunt, the proportion of windfall profits in the energy sector will apply from January 2023 to March 2028.
The minister announced that Downing Street will reduce the dividend payment from £2,000 today to £1,000 next year and then to £500 in April 2024.
The government’s fiscal plan has goals such as reducing public debt to GDP. He also pointed out that despite tax reforms, the rates charged on British income have not changed.
“As a Conservative government, we will not leave our debt to future generations,” the minister said amid protests from the Labor opposition.
According to Hunt, the government’s priorities are “sustainability, growth and public services”.
Hunt also highlighted new forecasts from the Office for Budget Responsibility (OBR) in the United Kingdom. According to him, the organization believes that the British economy is in recession.
The OBR forecasts GDP growth of 4.2% in 2022 and 1.4% in 2023. inflammation It should be 9.1% this year and 7.4% next year. Finally, Hunt highlighted that the unemployment rate will be 3.6% in 2022 and 4.9% in 2024.
Henry Blackwell is a contributor at Mediarunsearch.co.uk, covering a wide range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on delivering clear, balanced reporting and useful information that helps readers stay informed about current events and emerging developments. His work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism.