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UK Budget

UK Plans Sweeping Changes to Tax and Benefits to Lift Growth

  • Chancellor Jeremy Hunt says Britain will avoid a recession
  • Support for childcare designed to push people back into work
Bloomberg business news
WATCH: Hunt says the UK will avoid recession and halve inflation.Source: Bloomberg
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Chancellor of the Exchequer Jeremy Hunt set out major changes to the UK tax and benefit system to encourage businesses to invest, entice people back into work and to pull the economy out of stagnation.

Companies will get £9 billion ($10.9 billion) a year of tax relief through a system of allowances for those making investments. Families will see a total of £94 billion over this year and next to offset the soaring cost of living, with more than £5 billion a year allocated to help with childcare costs.