the chancellor has announced that the universal credit taper rate will be cut by eight percentage points. that means rather than losing 63p in benefits for every extra pound you earn, you will only lose 55p. a one year 50% cut in business rates in england has been pledged for some of the businesses hit hardest by the pandemic retail, hospitality and leisure. and just days before the uk hosts the global climate summit cop26 in glasgow, air passenger duty on uk flights will be cut and duty on fuel will remain unchanged. labour has criticised the budget for a lack of action on climate change or help for struggling families. our political editor laura kuenssberg reports. will the real rishi sunak reveal himself? what were the secrets in his red box? the economy never stops, but its perpetual motion pushes politicians in unexpected directions.
to a spending increase of £150 billion over three years with the economy forecast to return to pre covid levels by next year. he forecast that inflation is likely rise above 4% next year, though the government s own budget watchdog suggests it could rise higher still. growth is forecast to be 6.5% this year but may then fall as low as 1.3% after 2023. after much criticism for reversing the £20 weekly boost to universal credit, the chancellor has announced the the universal credit taper rate will be cut by 8 percentage points. that means rather than than losing 63p in benefits for every extra pound you earn, you will only lose 55p. a one year 50% cut in business rates in england has been pledged for some of the businesses hit hardest by the pandemic retail, hospitality and leisure. and just days before the uk hosts the global climate summit cop26 in glasgow, air passenger duty on uk flights will be cut and duty on fuel