British finance minister Jeremy Hunt will announce on Wednesday how he will try to speed up the world's sixth-biggest economy after the shocks of Brexit, a heavy COVID hit and double-digit inflation have left it lagging behind its peers
Last week, Labour attacked the government's "chaotic" approach to business taxation with the corporation tax rate due to jump from 19% to 25% next month.He is also under pressure from nurses, teachers and other public sector employees who striking for higher pay, while the armed forces say they need more money to support Ukraine in its war with Russia.
At just under 100% of gross domestic product, British government debt is slightly above the euro zone average but well below that of the G7 which includes Japan where the ratio stands at more than 200%.Hunt's future options could be further constrained if Britain's fiscal watchdog turns gloomier about the economic outlook.
Britain is expected to suffer a recession less severe than the Office for Budget Responsibility's forecast of a 1.4% slump in 2023 made in its November forecasts. But projections for growth after that could be lowered, reducing tax revenues.expect government borrowing to fall to 125 billion pounds in the 2023/24 financial year - down from the 140 billion pounds or 5.5% of GDP which the OBR forecast in November.
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