UK Chancellor of the Exchequer Rishi Sunak delivered his spring statement on Wednesday as he seeks to navigate Britain out of a cost-of-living crisis triggered by rising inflation and Russia's invasion of Ukraine.
Speaking in parliament, Mr Sunak announced a slew of measures to reduce the fiscal burden on British families, including a cut to fuel duty and a future drop in the rate of income tax.
There were also a number of other giveaways for businesses and employees, potentially easing the strain on finances for the lowest paid. Here's what was outlined in the chancellor's speech:
— Mr Sunak said by the end of the current parliament in 2024, the government would cut the basic rate of income tax from 20p in the pound to 19p, which he said was “fully costed and fully paid for in the plans announced today”.
— The Chancellor said he would “stand by” households, and announced fuel duty would be cut by 5p per litre for a year until March 2023.
— Mr Sunak said that “thanks to Brexit” he was able to remove VAT on materials such as solar panels, heat pumps and insulation to help bring down energy costs, as well as on wind and water turbines. He told the Commons: “We will abolish all the red tape imposed on us by the EU.”
— He also said he is doubling the Household Support Fund to £1 billion ($1.32bn) “to do more to help our most vulnerable households with rising costs” with “targeted support”.
— The Chancellor said he would publish a “tax plan” as he announced that the national insurance contributions (Nics) threshold would rise by £3,000 “to fully equalise the Nics and income tax thresholds not incrementally over many years but in one go this year”.
— Hoping to prompt a new “culture of enterprise”, Mr Sunak said there would be tax cuts “on business investment and innovation with final decisions to be announced in the autumn Budget”, and a reform of research and development tax credits.
— The employment allowance for small businesses will rise to £5,000.
— Mr Sunak focused on “security”, linking having a strong economy to standing up to Russian President Vladimir Putin over his invasion of Ukraine. He said what underpins the security enjoyed in the UK was “the strength of our economy” which he said the government has a “moral responsibility” to use to support Ukraine.
— He warned, however that sanctions on Russia “of unprecedented scale and scope” would have an impact on the economy, saying they “are not cost-free for us at home” and present “a risk to our recovery”.
— He told the Commons that the Office for Budget Responsibility has downgraded its UK growth forecast for this year to 3.8 per cent.
— But Mr Sunak said downgraded growth forecasts had “not affected our strong jobs performance” as he said unemployment was back to levels seen before the pandemic.
— The government is “meeting all our fiscal rules”, Mr Sunak said, but the nation must prepare for “the economy and public finances to worsen, potentially significantly” following Russia’s invasion of Ukraine.
— The cost of borrowing is set to continue to rise. The Chancellor said £83 billion will be spent on debt interest, “the highest on record and almost four times the amount we spent last year”.
— Mr Sunak said underlying debt is expected to fall steadily from 83.5 per cent of GDP in 2022/23 to 79.8 per cent in 2026/27. He added borrowing as a percentage of GDP is likely to 5.4 per cent this year, 3.9 per cent next year, then 1.9 per cent, 1.3 per cent, 1.2 per cent and 1.1 per cent in the following years.
Rishi Sunak prepares for the UK budget — in pictures
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The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
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Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Overall head-to-head
Federer 6-1 Cilic
Head-to-head at Wimbledon
Federer 1-0 Cilic
Grand Slams titles
Federer 18-1 Cilic
Best Wimbledon performance
Federer: Winner (2003, 2004, 2005, 2006, 2007, 2009, 2012)
Cilic: Final (2017*)
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MATCH INFO
CAF Champions League semi-finals first-leg fixtures
Tuesday:
Primeiro Agosto (ANG) v Esperance (TUN) (8pm UAE)
Al Ahly (EGY) v Entente Setif (ALG) (11PM)
Second legs:
October 23
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Results
5pm: UAE Martyrs Cup (TB) Conditions Dh90,000 2,200m
Winner: Mudaarab, Jim Crowley (jockey), Erwan Charpy (trainer).
5.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,400m
Winner: Jawal Al Reef, Richard Mullen, Hassan Al Hammadi.
6pm: UAE Matyrs Trophy (PA) Maiden Dh80,000 1,600m
Winner: Salima Al Reef, Jesus Rosales, Abdallah Al Hammadi.
6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige Dh100,000 1,600m
Winner: Bainoona, Ricardo Iacopini, Eric Lemartinel.
7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige Dh125,000 1,600m
Winner: Assyad, Victoria Larsen, Eric Lemartinel.
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1 Dh5,000,000 1,600m
Winner: Mashhur Al Khalediah, Jean-Bernard Eyquem, Phillip Collington.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
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The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
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