Vaping products will come in october 2026 and the existing tax on tobacco will increase. The chancellor says thats in order to maintain the financial incentive to choose over smoking. Windfall tax on the profits of energy firms draw will be extended into 2029 even that was previously scheduled to end in 2028. Increase in flight duty for Business Class tickets, non dom tax free dream on People Living overseas and didnt that it will be replaced with new rules from april 2025. Bigger picture the uk economy now. The obr, office of budget responsibility predicts the economy is going to grow and add 1. 9 we are currently on a technical recession. Inflation rate forecast to fall below 2 target this year but the underlying debt. But the underlying debt, excluding Bank Of England debt, is forecast to be 91. 7 of gdp this year, rising to 92. 8 next year. The government also kept a freeze on alcohol duty, there is a lot to chew over and we have tried to bring up to date on the main headlines but
In National Insurance, average households are still likely to be worse off at the end of this year than they were five years ago. The Institute For Fiscal Studies also says the budget did not tackle the long Term Economic choices and challenges the country is facing. It accused both the conservative and Labour Parties of a Conspiracy Of Silence in failing to address those challenges. Our chief economics correspondent, dharsini david, is here. Tell us more about what the Institute For Fiscal Studies as saying. In Institute For Fiscal Studies as sa in. ,. , Institute For Fiscal Studies as sa inc. ,. , saying. In the run up to budget, it is u to saying. In the run up to budget, it is up to treasury saying. In the run up to budget, it is up to treasury officials saying. In the run up to budget, it is up to treasury officials to saying. In the run up to budget, it is up to treasury officials to burn i is up to treasury officials to burn the midnight oil and get the details together and now
Products to start in october 2026. And. The chancellor says its in order to maintain the financial incentive to choose vaping over smoking. Lets move on to the broader picture for the uk economy. In the office of budget and responsibility has predicted that. Remember, were in a technical recession at the moment. Lets move onto debt. Lots of figures in numbers but its important we take you through the main developments from todays budget. In a moment ill be discussing is in finer detail with my colleague. Ill also bejoined by our Economics Correspondent who is in the newsroom for us. First our Political Correspondent looks back at todays development here in West Minister. I5 at todays development here in West Minister. ,. ,. , minister. Is this an Election Winnin minister. Is this an Election Winning budget, minister. Is this an election | winning budget, chancellor . Minister. Is this an Election Winning budget, chancellor . As jeremy hunt pose for the last photo, dues before the budge
instability and rising mortgage rates for some time to come. downing street says the prime minister is now focussed on ensuring economic stability, but with most of her plans now ripped up, we ll be asking whether liz truss can survive, and getting reaction from voters. also this lunchtime the head of the metropolitan police says hundreds of his officers should have been sacked for gross misconduct. civilians rescued in the ukrainian capital after an attack by russian kamikaze drones. and against the odds, scotland s cricketers beat the west indies in one of their greatest ever victories. and coming up on the bbc news channel scotland have made a winning start to their t20 world cup campaign with a shock defeat of the west indies in australia. good afternoon. the new chancellor, jeremy hunt, has scrapped almost all of the key measures in last month s controversial mini budget, in the latest in a series of government u turns. in an emergency statement, aimed at reassurin
and wished rishi sunak success. our country continues to battle through a storm. but i believe in britain. i believe in the british people. and i know that brighter days lie ahead. the cost of living crisis continues as many food prices soar some like pasta, tea and cooking oil up by 65% in a year. in our area, there is a lot of people that rely on pensions, rely on benefits, and if they are not supported, businesses won t continue to thrive because there will be nobody to use us. we will bring you more from throughout another momentous day in british politics as mr sunak sax tiago cabinet members he did not want those cabinet and appoints those in the place. already on the way out is business secretary and liz truss supporter jacob rees mogg. also on the way out, you work and pensions secretary, chloe smith. welcome to audiences around the world. rishi sunak has given a speech to the nation before making his way into number ten as prime minister for the first time. h