Chancellor of the Exchequer Rishi Sunak slashed fuel duty and boosted financial support for poorer households as he pledged to stand by the British public during the cost-of-living crisis by delivering a £6-billion tax cut for workers.
Mr Sunak signalled a future reduction in income tax for households grappling with higher fuel, food and energy costs as inflation surged to 6.2 per cent — the fastest rise in 30 years — and the war in Ukraine caused further misery for the British economy.
“My tax plan delivers the biggest net cut to personal taxes in over a quarter of a century,” Mr Sunak told the House of Commons on Wednesday as he delivered his Spring Statement amid the soaring cost of living.
While the measures will help ease the strain on households, Mr Sunak said that Britain's economy will grow more slowly this year than previously predicted and inflation will be much higher.
The economy is now set to grow by 3.8 per cent in 2022, a sharp slowdown from a forecast of 6 per cent made in October, forecasts drawn up by the Office for Budget Responsibility show, while growth in 2023 will slow to 1.8 per cent, down from its previous prediction of 2.1 per cent.
Meanwhile, inflation, which hit 6.2 per cent in February, is now expected to average 7.4 per cent in 2022, the budget office said, compared with October's forecast of 4 per cent.
Mr Sunak's so-called rabbit in the hat moment was a cut in the basic rate of income tax from 20 per cent to 19 per cent in 2024.
The 1 pence in the pound reduction is worth £5 billion ($6.6bn) for workers, savers and pensioners, Mr Sunak said, and will be the first cut to the basic rate in 16 years.
“The actions we have taken to sanction Putin's regime are not cost free for us at home. The invasion of Ukraine presents a risk to our recovery, as it does to countries around the world,” Mr Sunak said.
“We came into this crisis with our economy growing faster than expected, with the UK having the highest growth in the G7 last year. But the [Office for Budget Responsibility] has said specifically: 'There is unusually high uncertainty around the outlook'.”
While the chancellor pushed ahead with his planned increase to National Insurance, the threshold at which people will start to pay the tax will go up by £3,000 to £12,570.
This means that Britons will keep more of what they earn before they start paying personal taxes, with the cut worth more than £6bn and set to benefit almost 30 million working people, with a typical employee saving in excess of £330 in the year from July.
The chancellor outlined three measures to directly tackle the costs crisis including a 5-pence reduction to fuel duty — the biggest cut of fuel duty rates ever — scrapping VAT on energy efficiency measures and doubling household support for those most in need.
In the chancellor’s first major announcement since the start of the war in Ukraine, fuel duty will be cut by 5 pence per litre.
“For only the second time in 20 years, fuel duty will be cut, not by 1, not even by 2 but by 5 pence per litre, the biggest cut to all fuel duty rates ever,” Mr Sunak said, with the cut remaining in place until March next year.
Richard Eagling, senior personal finance expert at NerdWallet, said cutting fuel duty could provide a vital lifeline to many households.
“That said, this will only go so far in helping struggling households,” he added.
“Indeed, soaring energy prices continue to place unprecedented pressure on household finances. And they are showing no signs of slowing down — so much so that a new report from Citizens Advice indicates that more than 14 million people may no longer be able to afford energy bills by October 2022.”
Mr Sunak also pledged to slash VAT on energy efficiency products, such as solar panels, heat pumps and insulation, something not possible in the past because of EU rules.
The chancellor said a typical family installing solar panels could save £1,000 on installation and up to £300 a year on energy bills.
In his third announcement, he offered a of £500 million cash boost for the government's existing Household Support Fund, taking its overall value to £1bn.
It will be up to local authorities to distribute the extra money, which will be handed over from next month.
Mr Sunak also said that Britain will run a larger budget deficit as a percentage of economic output in the coming 2022/23 financial year than previously forecast, but he announced cuts to the forecast for later years.
Citing new forecasts from the Office for Budget Responsibility, Mr Sunak said the deficit for 2022/23 was likely to fall to 3.9 per cent of gross domestic product from 5.4 per cent this year, compared with a previous forecast of 3.3 per cent published in October.
The deficit is on course to fall to 1.1 per cent in 2026/27, less than a previous forecast of 1.5 per cent.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
The five pillars of Islam
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Juventus v Tottenham Hotspur
Basel v Manchester City
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Chelsea v Barcelona
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KILLING OF QASSEM SULEIMANI
Results
Stage 5:
1. Jonas Vingegaard (DEN) Team Jumbo-Visma 04:19:08
2. Tadej Pogacar (SLO) UAE Team Emirates 00:00:03
3. Adam Yates (GBR) Ineos Grenadiers
4. Sergio Higuita (COL) EF Education-Nippo 00:00:05
5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26
2. Adam Yates (GBR) Ineos Grenadiers 00:00:45
3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12
4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54
5. Neilson Powless (USA) EF Education-Nippo 00:01:56
The five pillars of Islam
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Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
Zayed Sustainability Prize
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
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Killing of Qassem Suleimani
The years Ramadan fell in May
Mohammed bin Zayed Majlis
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
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RESULTS
2pm: Handicap (PA) Dh 40,000 (Dirt) 1,200m
Winner: AF Senad, Nathan Crosse (jockey), Kareem Ramadan (trainer)
2.30pm: Maiden (PA) Dh 40,000 (D) 1,000m
Winner: Ashjaan, Fabrice Veron, Eric Lemartinel.
3pm: Maiden (PA) Dh 40,000 (D) 1,700m
Winner: Amirah, Conner Beasley, Ali Rashid Al Raihe.
3.30pm: Handicap (PA) Dh 40,000 (D) 1,700m
Winner: Jap Al Yaasoob, Szczepan Mazur, Irfan Ellahi.
4pm: Sheikh Mansour bin Zayed Al Nahyan Cup Prestige Handicap (PA) Dh 100,000 (D) 1,200m
Winner: Jawaal, Fernando Jara, Majed Al Jahouri.
4.30pm: Handicap (TB) Dh 40,000 (D) 1,200m
Winner: Manhunter, Ryan Curatolo, Mujeeb Rahman.
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Mohammed bin Zayed Majlis
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The specs
AT4 Ultimate, as tested
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Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m, Winner: Zalman, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,600m, Winner: Hisham Al Khalediah II, Fernando Jara, Mohamed Daggash.
6pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: Qader, Adrie de Vries, Jean de Roualle
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 (T) 1,600m, Winner: Mujeeb, Fabrice Veron, Eric Lemartinel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,600m, Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 (T) 1,600m, Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly
8pm: Handicap (TB) Dh100,000 (T) 1,400m, Winner: Nayslayer, Bernardo Pinheiro, Jaber Ramadhan
KILLING OF QASSEM SULEIMANI
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Killing of Qassem Suleimani
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
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Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
Killing of Qassem Suleimani
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