Key Notes From The Budget So Far

Key Notes from the Budget:

• Hunt declares a £1 million donation to the Muslim War Memorial

• Hunt believes that under the Tories, growth has exceeded that of every major EU nation.

• According to Hunt, Labour's ideas endanger family budgets and kill employment. He claims that his initiatives would result in greater investment, more employment, and reduced taxes. Inflation was at 11% when he arrived, and the most recent data indicates that it is currently 4%.

• The Household Support Fund will remain open after March 31st, enabling local councils in England to assist families through food banks, warm spaces, and food vouchers.

• Duty on alcohol suspended till the next year

• Fuel taxes will stay the same.

• According to him, current projections indicate that debt would decrease from over 100% to below 94% between 2028 and 2029. He said the UK still has the lowest national debt among the G7, less than that of the US, Japan, and France combined.

• The OBR has revised up their autumn projection by 0.5% to 1.9% growth in the following year and 0.8% growth this year. He continues, "This growth is expected to continue on this trend until 2027." According to the IMF, since 2010, UK growth has outpaced that of Germany, France, and Italy—three of the biggest economies in Europe—says Hunt. He went on to say that for the next five years, the UK will expand faster than they do. Regarding the PM's three economic commitments, the UK has achieved significant progress: GDP is 1.5 percentage points faster than expected, debt is decreasing in accordance with their fiscal guidelines, and inflation has been cut in half.

• Anticipated to reduce National Insurance by a further 2p; it decreased by 2p in the Autumn Statement of the previous year. The primary rate would drop from 10% to 8% as a result, saving the typical worker about £450 annually.

• He declared that small businesses would now need to register for VAT at a higher threshold of £90,000 instead of £85,000.

• The chancellor announced that an additional £5,000 tax-free allowance would be provided to the public to be used solely for UK investments as part of the government's creation of a "British" ISA.

• The UK is poised to emerge as the new Silicon Valley says Hunt. He wants business owners to remain in this area, particularly when it comes to going public on the stock exchange. In order to release more pension cash, he said they are considering adjustments at Edinburgh and Mansion House.  His goal is to facilitate pension funds' investment in the UK.  According to Hunt, he wishes to develop a new generation of ordinary investors.

(Sources: bbc.co.uk)