The British national living wage is set to increase to at least £11 an hour from next April, Chancellor of the Exchequer Jeremy Hunt is expected to confirm this Monday in a speech to the Conservative Party conference. The move will benefit two million of the lowest-paid workers, according to an advance of the speech shown to BBC.
Add your comment!The Bank of England raised on Thursday its main interest rate to 5.25%, the highest in 15 years, as the country strives to control persistently high inflation. The quarter percentage point hike was the bank's 14th in a row.
Following on Thursday interest rate hike by the Bank of England, BBC is reporting that banks and building societies are to meet Chancellor Jeremy Hunt to discuss the upheaval in the mortgage market.
The price of a packet of cigarettes rose hours after the UK Budget was delivered in Parliament, while drinkers will see tax on alcohol go up by 10.1% in August, in line with inflation. According to London media, the only alcohol not to see a rise was draught beer where duty will be frozen. Chancellor Jeremy Hunt said this was to help “the great British pub”.
Corporation Tax, paid on UK company profits, will rise next month, chancellor Jeremy Hunt has confirmed to Parliament. It will go up from 19% to 25% for companies with over £250,000 in profits, Mr. Hunt told the Commons.
The UK economy this year is forecasted to perform worse than similar advanced economies, and is estimated to contract by 0,6%, according to the latest report from the IMF. The new forecast reflects UK's high energy prices and strong inflation.
Chancellor of the Exchequer Jeremy Hunt announced on Thursday a £55 billion fiscal plan with £30 billion in spending cuts and £25 billion in tax hikes. The measures which anticipate a cold winter and long recession in the UK, included an extra two-year freeze on income tax thresholds and a lowering of the top rate of income tax to £125,140
Chancellor of the Exchequer Jeremy Hunt will unveil this Thursday before Parliament his long-awaited Autumn budget statement, having anticipated to the UK population that “we will be asking everyone for sacrifices.”
UK Defense Secretary Ben Wallace will urge Jeremy Hunt to boost defense spending during a crunch meeting with the Chancellor. Speaking to Forces News, Ben Wallace says he will make sure that, in this difficult economic time, defense gets its fair share at their meeting on Thursday.
Since British Chancellor of the Exchequer Jeremy Hunt pushed back this year's autumn statement (expected “mini budget”) --from Halloween to 17 November--. Bank of England who are meeting on 3 November have been left without guidance as to the government's tax and spending policies.