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Britain’s economic recovery from the coronavirus crisis will be much weaker than expected, the government warned on Wednesday, presenting a budget that protects jobs but also raises corporate taxes.
Britain is one of the European countries hardest hit by the coronavirus with over 120,000 casualties and four million cases.
But her hopes for economic recovery have been raised by her rapid vaccination program, which has prompted millions of people to get a vaccine.
Finance Minister Rishi Sunak told parliament that the coronavirus has caused and will continue to cause much damage, as the economy shrank by 10 per cent last year, its worst performance in more than three centuries. Sunak said the UK economy will expand by 4 per cent this year, less than the government’s earlier forecast of 5.5 per cent growth.
The support package amounts to a total of 471 billion euros, Sunak said as he unveiled his plans for taxes and spending.
“The damage that the coronavirus has caused to our economy is great. More than 700,000 people have lost their jobs since March. Our economy has shrunk by 10 percent, the largest in over 300 years. “Our borrowing is highest in peacetime.”
The budget presented by Sunak includes a multi-billion pound scheme for people who have lost their jobs, temporary value-added tax cuts and new property taxes. While the tax on corporate profits will increase to 25 percent, for large businesses.
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