recession

5 key takeaways from Jeremy Hunt’s budget

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https://leftfootforward.org/2024/03/5-key-takeaways-from-jeremy-hunts-budget/

A budget totally out of step with what people want and need.

Today [yesterday] saw Chancellor Jeremy Hunt deliver his much-awaited Spring Budget. The stakes couldn’t be higher, with the economy in recession, millions struggling to make ends meet and a forthcoming general election.

In what is likely to be the last budget, and possibly the final fiscal event before the general election later this year, Hunt sought to present a rosy picture of the economy, one which is totally divorced from reality.

A budget totally out of step with what people want and need, opinion polls have repeatedly shown that the British public prefer investment in public services rather than tax cuts. There was no bold and radical plan to get the UK economy out of economic stagnation, to tackle poor productivity or to improve public services.

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https://leftfootforward.org/2024/03/5-key-takeaways-from-jeremy-hunts-budget/

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Bank of England expects UK to fall into longest ever recession

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image of banknotes and a prepayment key by Lydia.

https://www.bbc.com/news/business-63471725

The Bank of England has warned the UK is facing its longest recession since records began, as it raised interest rates by the most in 33 years.

It warned the UK would face a “very challenging” two-year slump with unemployment nearly doubling by 2025.

Bank boss Andrew Bailey warned of a “tough road ahead” for UK households, but said it had to act forcefully now or things “will be worse later on”.

It lifted interest rates to 3% from 2.25%, the biggest jump since 1989.

By raising rates, the Bank is trying to bring down soaring prices as the cost of living rises at its fastest rate in 40 years.

https://www.bbc.com/news/business-63471725

BBC: Bank of England: Five things we now know about the UK economy

Here are five things we learned from the central bank about the future of the economy.

BBC: Bank of England: Five things we now know about the UK economy

Continue ReadingBank of England expects UK to fall into longest ever recession