Jeremy Hunt targets business in ‘Budget for growth’

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UK Chancellor Rishi Sunak has announced a “Budget for growth” that aims to make the country the best place to invest in the developed world. The £9bn ($12.5bn) budget includes tax breaks for businesses, free childcare for one- and two-year-olds and the scrapping of a £1m cap on tax-free pension contributions. In addition, the energy support scheme will be extended until June, the rate of fuel duty will remain frozen and there will be an 11p cut in the price of a pint of beer. Cancer Research UK praised the budget for providing £100m for research into early detection of the disease, while Homes for Heroes hailed plans to pilot new modular homes that should improve the availability of affordable housing. However, the budget has not pleased everyone, with Labour Party leader Keir Starmer calling it “a huge giveaway to some of the wealthiest people in the country”. The Office for Budget Responsibility also reported that the UK tax burden is set to reach its highest level since World War Two, highlighting the continued fragility of the country’s economy.

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