Less than a month after becoming UK Prime Minister, Rishi Sunak will present the country’s budget plans tomorrow. He does this with Chancellor of the Exchequer Jeremy Hunt. “A lot depends on this, not only restoring the confidence of the British, but also the confidence of the financial markets.”
To reduce the UK’s huge budget deficit, Sunak is expected to raise £50 billion through tax cuts and increases. “This will be a huge undertaking and they have a limited time,” says Joost Dubber, the London correspondent.
Also read | Sunak is moving towards cuts and higher taxes
In particular, taxes are expected to increase. However, the current government has only two years left before new elections are held in the country. And there is a good chance that the Conservative Party will not remain in power after 2024, with the Labor Party instead.
So the important question is when will the cuts be made to arrange the budget in 2026. So Sunak can also choose to postpone the cuts as the economy is in a very bad shape right now. And then Labor will have to take action, says Dupert.
London business confidence in the British economy has plummeted, it was announced earlier today. Businessmen are particularly concerned about inflation. Three-quarters of business leaders are less confident in the coming year than they were in the previous 12 months, and last year 36 percent of respondents said they were less confident in the economy.
The survey found that half of the companies are unable to find people to fill the vacancies. Half of the respondents have problems with the supply chain.
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