The last time a British finance minister unveiled a “budget for growth,” UK financial markets crashed and mortgage rates shot up, threatening to tip an already weak economy into a deep recession. Kwasi Kwarteng was out of office within weeks, to be followed shortly by his boss, former Prime Minister Liz Truss. UK finance minister Jeremy Hunt will do all he can to avoid the drama that engulfed last September’s “mini” budget when he lays out the government’s spending and tax plans Wednesday.
Hunt is expected to announce incentives to increase business investment, which has languished since the Brexit referendum in 2016 and hampered economic growth, but is expected to stick to plans to hike corporation tax from 19% to 25%. The British Chambers of Commerce forecasts that the UK economy won’t return to its pre-pandemic size until the final quarter of 2024; the Bank of England sees full recovery only in 2026. Brexit is partly to blame.
The Covid virus economically ruined nearly every country. There are people who are still paying off their medical debt from having contracted some form of the virus. Yet, no reparations from China.
and their weather STILL blows.