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
Ministers questions. It is always a little different, the pmqs ahead of the budget. He has vacated the chair for the Deputy Speaker. She will be going through some of the notices ahead ofjeremy hunt, the chancellor, delivering his Budget Statement. He will take to his feet shortly and will probably speak for about an hour shortly and will probably speak for Aboutan Hourand shortly and will probably speak for about an hour and then it will be the turn of the leader of the opposition, keir starmer to respond. We will take both of those live and uninterrupted and we will then have reaction from the Chief Secretary to the treasury, laura trott, part of the treasury, laura trott, part of the Treasury Team and her shadow for labour. Here isjeremy hunt. Madam Deputy Speaker, as we mourn the loss of life in israel and gaza, the loss of life in israel and gaza, the Prime Minister reminded us of the Prime Minister reminded us of the need the Fight Extremism and heal divisions. I start today by r
the cost that would help but it will not stop the cost of that would help but it will not stop the cost of goods going up, they all rely on the cost of goods going up, they all rely on transport. we have seen some prices rely on transport. we have seen some prices go rely on transport. we have seen some prices go up rely on transport. we have seen some prices go up to 25%, we cannot pass that on prices go up to 25%, we cannot pass that on to prices go up to 25%, we cannot pass that on to customers. that on to customers. flowers are a luxu . that on to customers. flowers are a luxury- the that on to customers. flowers are a luxury. the chancellor that on to customers. flowers are a luxury. the chancellor has - that on to customers. flowers are a luxury. the chancellor has said i that on to customers. flowers are a luxury. the chancellor has said we | luxury. the chancellor has said we will not see the levels of support we saw over the pandemic but what would you like
the support packages to date are fantastic but we relied upon having december. we don t want to close, we have 50 60% of normal revenues across the country, significantly worse in city centre locations, revenues down at 30 40%, so we need support measures to kick in at full strength. we know from previous experience this would be our fourth time of lockdown, every time we lockdown, we close, fewer open up, jobs and businesses are lost and it cost the industry a significant amount even when closed, it costs a business 10 £15,000 every month in overheads, that was when we had 100% business rate support and 100% furlough. to leave these businesses in limbo or lock them down further would be a significant cost to the sector. we ve heard the situation in the netherlands as it begins a nationwide lockdown. but what s the situation across the rest of europe? germany has become the latest
be our fourth time of lockdown, every time we lockdown, fewer will open up, jobs and businesses are lost and it costs the industry a significant amount. lost and it costs the industry a significantamount. even lost and it costs the industry a significant amount. even when closed it cost a business can happen £15,000 a month on overheads and thatis £15,000 a month on overheads and that is when we had 100% business rate support and for alonso to lead these businesses in limbo and to lockdown further would be a significant cost to the sector. kate nicholls, thank significant cost to the sector. kate nicholls, thank you. people in hong kong are voting in the first election since china imposed sweeping changes on the territory s political system. every candidate has been approved by a pro beijing committee and most opposition groups are not taking part. early figures suggest a low turnout. this is the first election for the legislative council since beijing imposed a sweeping reform o