Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Rishi Sunak: UK economy is on the right track

by March 5, 2024
March 5, 2024
Rishi Sunak: UK economy is on the right track

In anticipation of what could be the government’s final Budget before the general election, Prime Minister Rishi Sunak asserted that the UK economy is on the right track.

This statement comes amid preparations for Chancellor Jeremy Hunt’s Budget announcement, where tax cuts are expected to feature prominently while maintaining a cautious approach.

Sunak made these remarks during a visit to a former Honda car factory in Swindon, which is being transformed into a logistics hub, citing it as a vote of confidence in the UK economy. He emphasized the government’s commitment to fostering an environment conducive to investment and business growth, particularly in sectors focusing on cutting-edge technologies and manufacturing.

However, experts have expressed skepticism about the extent to which Sunak and Hunt will be able to provide support to households and businesses in the Budget. The Office for Budget Responsibility (OBR) had previously estimated a fiscal headroom of around £30 billion for the chancellor, but changing economic conditions have impacted this projection.

Furthermore, recent official figures have confirmed that the UK entered a recession at the end of last year, although Bank of England Governor Andrew Bailey suggested that the recession may have already ended. Despite this, many households are facing challenges due to high tax rates and increased mortgage costs.

Amidst these economic considerations, Chancellor Hunt is under pressure to unveil measures that could appeal to voters ahead of a potential election. While Sunak reiterated his commitment to moving towards a lower-tax economy responsibly, the specifics of the tax cuts to be announced remain unclear.

In response to reports suggesting tension between Sunak and Hunt, Downing Street denied any rift, affirming that the chancellor is working closely with the prime minister to deliver the government’s economic plan. There were also refutations of claims that Sunak was frustrated with Hunt’s approach and described him as “timid”.

As anticipation builds for Wednesday’s Budget announcement, the focus remains on how the government plans to navigate economic challenges while delivering on its promises to voters.

Read more:
Rishi Sunak: UK economy is on the right track

0
FacebookTwitterGoogle +Pinterest
previous post
Apple Hit with €1.8bn Fine for Violating Music Streaming Regulations
next post
Chris Packham given permission to bring judicial review of government’s net zero rollback

You may also like

What came first, the purpose or the people?

March 24, 2025

Entrepreneurs secure Dragons’ investment for pioneering Pop Specs...

January 13, 2024

Luxury retailers are choosing China over London as...

September 12, 2023

Novo Nordisk cuts forecasts as Ozempic and Wegovy...

May 7, 2025

Amazon pledges $4bn to Anthropic in race for...

September 25, 2023

Careers in construction are an untapped treasure trove

June 25, 2024

Can the UK’s £40bn ‘Tax Gap’ Be Bridged...

July 1, 2024

Extended life for two UK nuclear power stations

March 10, 2023

Pizza Express eyes £30m bailout as tax hikes...

March 7, 2025

The billion-dollar anime market – an opportunity for...

October 21, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • IVF parents should have right to paid fertility leave, says GMB union

      June 9, 2025
    • Reform UK clashes with Bank of England over interest payments to lenders

      June 9, 2025
    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025

    Categories

    • Business (8,154)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved