(Bloomberg) -- Here are the key takeaways from U.K. Chancellor of the Exchequer Rishi Sunak's budget speech in Parliament on Wednesday.
- Sunak presented his third budget, pledging a “new age of optimism,” even as the risk of inflation lurks
- Sunak cut taxes on alcohol, causing pub stocks to rally, and froze a planned rise in fuel duty. He also gave a one-year 50% reduction in business rates to the retail, leisure and hospitality sectors
- With the cost of living rising for Britons, Sunak cut the so-called taper on Universal Credit welfare payments, increasing how much people will keep as their incomes rise
- With upgraded forecasts to economic growth and tax revenues, Sunak committed to real-terms increases in departmental spending in all areas of government
- Despite those sweeteners, Sunak also spoke of the need to strengthen public finances. The borrowing forecast for the next five years was lowered by 154 billion pounds ($211 billion), while planned debt sales for this fiscal year were cut by a fifth
Read more: Sunak Delivers Johnson-Style Budget That Ramps Up U.K. Spending
©2021 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
