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Added on the 26/07/2016 16:28:49 - Copyright : Reuters EN
Britain's public finances showed a slightly bigger-than-expected deficit in August, leaving finance minister Philip Hammond little room for manoeuvre as he prepares his first post-Brexit vote budget plans. Julian Satterthwaite reports.
UK Finance Minister Jeremy Hunt poses outside 11 Downing Street with the red, leather-covered box containing his speech before leaving to present the spring budget to parliament. Britain's Conservative government is expected to use the budget update to unveil tax cuts for millions of workers, in an attempt to woo voters before a general election. Prime Minister Rishi Sunak's party, which has been in power since 2010, is well behind the main opposition Labour party in opinion polls and looks likely to be dumped out of office. IMAGES
Key British ministers arrive at 10 Downing Street for a cabinet meeting ahead of Chancellor Jeremy Hunt announcing the Spring budget. Britain's Conservative government is expected to use the budget update to unveil tax cuts for millions of workers, in an attempt to woo voters before a general election. Prime Minister Rishi Sunak's party, which has been in power since 2010, is well behind the main opposition Labour party in opinion polls and looks likely to be dumped out of office. IMAGES
The European Commission proposes a three-year delay on tariffs on electric vehicles that are sold to, or imported from, Britain that was due to apply from January. The commission, the EU's executive arm, says it decided a one-off extension after the automotive industry raised concerns about the massive costs that would arise from a post-Brexit 10-percent tariff. Maros Sefcovic, EU Commission Vice President, calls the proposal "balanced and forward-looking" which "supports the competitiveness of our industry and protect jobs in the European Union" SOUNDBITE
Britain's economy will rebound this year and not shrink as initially thought, but will grow far less than expected next year, finance minister Jeremy Hunt says as he presents his Autumn Statement to parliament. Gross domestic product will expand 0.6 percent in 2023, Hunt said citing the Office for Budget Responsibility fiscal watchdog, upgrading its prior forecast of minus 0.2 percent. GDP is then set to grow by 0.7 percent in 2024, which was sharply down from previous guidance for a 1.8-percent expansion. SOUNDBITE
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