Battle lines are drawn on tax and public services
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Description
UK Chancellor Jeremy Hunt unveiled a 2% reduction in the main rate of National Insurance contributions in the Spring Budget, in line with expectations. These adjustments were supported by upgraded forecasts from the Office for Budget Responsibility, with revised gross domestic product projections of 0.8% in 2024 and 1.9% in 2025. However, an article from Bloomberg noted concerns as fiscal headroom dropped to £8.9 billion from £13 billion in the November forecast, the second lowest level on record.
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