September 25, 2023

george osborne to announce cuts in his budget statement today

The UK awaits the announcement of more cuts made by the budget statement today in the aid of reviving the economy.

<p>The UK awaits the announcement of more cuts made by the budget statement today in the aid of reviving the economy.</p> <p>The budget statement which is to be announced later today will have a cut of at least 2% in government departments spending over the next two years, hopefully saving up to £2.5 billion.</p> <p>Other cuts in the budget involve an announcement on alcohol pricing, an extension of the New Buy scheme to help more people buy their first homes, a possible downgrade of growth forecasts, higher future borrowing and changes to the remit of the Bank of England.</p> <p>Many people are sceptical of the budget announcement by Mr Osborne, the first budget statement that he had given stated that he expected the economy to have grown by 7%, but by the end of the year the UK was stripped of its triple A credit rating.</p> <p>Nevertheless the Chancellor in his fourth budget statement assures that the money will be used to promote the growth of the economy again and to boost projects on infrastructure.</p> <p>He further adds that the budget is for an aspiration nation and will confront the nation’s problems head on.</p> <p>For further information please call (0116) 2999 199</p>
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