The U.K. logged a record £16.7 billion net budget surplus in January 2024, according to official figures released on Wednesday 21st February 2024 The Office for National Statistics noted that the country’s public finances usually run a surplus in January, unlike during other months, as receipts from annual self-assessment taxRead More →
The UK economy will grow much more slowly than expected in the next two years as inflation takes longer to fall, the Office for Budget Responsibility (OBR) says. Are we locked in a never-ending austerity cycle? Living standards are also not expected to return to pre-pandemic levels until 2027-28, theRead More →
Spending plans outlined in the chancellor’s Autumn Statement represent ‘a very big fiscal risk’, according to the UK’s OBR. Mr Richard Hughes, chair of the Office for Budget Responsibility (OBR), told MPs on the Treasury Select Committee that spending plans carried a level of ‘uncertainty’. He suggested that much ofRead More →
Some of the main takeaways from the chancellor’s autumn statement November 2023 National Insurance rate cut from 12% to 10% from 6 January, affecting 27 million people. The 75% business rates discount for retail, hospitality and leisure firms in England extended for another year. Class 2 National Insurance – paidRead More →
The interest the government pays on national debt has reached a 20-year high as the rate on 30-year bonds touches 5.05%. A rise in the cost of borrowing comes at a difficult time for the chancellor, Jeremy Hunt, as he prepares for the autumn statement on 22nd November 2023. TheRead More →