The UK economy is escaping the recession this year. This is what British Chancellor of the Exchequer Jeremy Hunt said in a speech to Parliament on his new budget plans. “The economy is on track.”
“Estimates show the outlook is better than expected,” says FD’s UK correspondent Joost Dobber. ‘Initially a recession was assumed, but now it seems to have been avoided. However, it is still too early to say how the country will react to this situation.’
The new budget plan states, among other things, that more money will go to childcare to encourage young parents to work harder. “This should reduce the huge shortage on the job market,” says Dobber.
Corporate income tax for large companies will also be increased from 19 to 25%. But this has been announced before. In addition, Hunt unveiled a new tax rule, which allows companies making capital investments to receive a small tax break.
Furthermore, the energy support measures for families have been extended by three months until June. ‘The similar ‘ceiling’ that was set, just like in the Netherlands, is now being extended. That roof was badly needed, otherwise many families would have faced serious problems.
Source: BNR
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.
