"The United Kingdom is set to unveil its annual budget on Wednesday against a backdrop of poor public finances and widespread public discontent with the governing Labour Party. UK Chancellor Rachel Reeves faces the onerous task of restoring the public finances to health, while upholding a number of pledges that leave her with little manoeuvring room on taxes and spending. list of 4 itemsend of list Economists say that Reeves will have little choice but to compromise on her plans as she faces what a leading think tank has dubbed an impossible trilemma."
"The UK has struggled with weak economic growth, high inflation and a rapidly expanding national debt for years. After Germany, the UK has had the weakest economic performance among the Group of Seven (G7) countries in the post-COVID era. GDP grew just 1.7 percent from the final quarter of 2019 to the first quarter of 2024, compared with 8.7 percent in the US, 5.1 percent in Canada, and 4.6 percent in Italy, according to government data."
The UK will unveil its annual budget amid poor public finances and widespread public discontent. Chancellor Rachel Reeves must restore public finances while honouring pledges that limit tax and spending flexibility. Economists expect Reeves to compromise as she confronts an "impossible trilemma." The UK has endured weak growth, high inflation, and rapidly expanding national debt, performing poorly among G7 countries since COVID. GDP rose only 1.7 percent from late 2019 to early 2024 compared with much higher gains in other G7 economies. Growth slowed to 0.1 percent in the quarter ending September as borrowing costs and government borrowing surged.
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]