World / Rishi Sunak government announcement to revive Britains shrinking economy took these steps

Zoom News : Nov 18, 2022, 04:00 PM
Rishi Sunak News: Britain is struggling on the economic front. Its economy is shrinking. Meanwhile, Prime Minister Rishi Sunak has announced several steps to overcome the economic slowdown. The British government has presented a fiscal plan of 55,000 crore pounds.

Finance Minister Jeremy Hunt has revealed the government's emergency budget, in which a big increase in tax rates has been made. Inflation in Britain is not taking the name of coming under control. This is the reason why the tax rates have been increased. The Finance Minister presented the Autumn Statement in the House of Commons, which was supported by the Prime Minister.

Major announcements of the budget

Windfall tax on energy companies has been increased. It has been reduced from 25% to 35%.

A temporary tax of 45 per cent has been imposed on electric generators.

People earning up to 1.25 lakh pounds annually will also come under the ambit of top tax.

Excise duty will not be levied on electric vehicles from 2025.

The report of the independent unit OBR (Office for Budget Responsibility) presented with the budget states that the war between Russia and Ukraine is responsible for the huge increase in energy prices. According to the report, there is no hope of improvement in the economy till 2024.

Inflation breaks record in UK

Let us tell you that inflation in Britain has broken the record of 41 years. According to the latest data, during October 2022, retail inflation in Britain has increased to 11.1 percent, which is the highest level since 1981.