Chancellor Rishi Sunak has just revealed the contents of his Budget in the House of Commons.Here are the key points: UK economy forecast to return to pre-Covid levels by middle of 2022 Annual growth set to rebound by 4% this year, followed by 7.3% growth in 2022 Unemployment expected to peak at 6.5% next year, lower than 11.9% previously predicted UK to borrow a peacetime record of £355bn this year. Borrowing to total £234bn in 2021-22 Debt as a share of GDP to fall … [Read more...]
Autumn Statement looks to cut corporate tax
UK will be G20's least taxing nation, firms told.A cut in corporation tax looks set to be Autumn Statement 2016’s most surprising and contractor-friendly announcement.In a speech to business leaders ahead of the statement tomorrow, Theresa May implied the rate of tax that companies pay on profits will fall to its lowest ever.“My aim is not simply for the UK to have the lowest corporate tax rate in the G20, but also a tax system that is profoundly pro-innovation,” the prime minister … [Read more...]