Economic revival with a “firepower” plan

The uk Ready to save the entire broken economic system with a plan public spending gives “Firepower”.

The ministerial craze has cut emergency tax to help the economy recover from coronovirus, but warned that it would ask profitable companies to help with a hefty bill for the UK’s pandemic support.

With the country in a third national block, the Chancellor of the Treasury has made it clear that A. Job security This is his short-term priority.

How will you saveUK EconomyThe

That’s why Britain tries to protect itself from disaster

Finance Minister Sage Sanak announced an extension of the layoffs security plan by the end of September and the government is expected to deploy its “fiscal shelling” to support the economy.

The country is in the can Kovid crisisWith an ambitious recovery program: nationwide sanctions will be abolished in the next few months, ending in full on June 21. Meanwhile, more than 20 million people He received his first dose of vaccine in the UK.

The most important decision to save the economy is of concern Support for workers: Coronavirus jobs retention scheme will continue80% salary Employees are scheduled for the end of September, but companies will be asked to reopen the economy with 10% contribution in July and 20% in August.

The goal is to avoid a spike in unemployment. It should be emphasized that the government has made unprecedented public expenditure as the economy has registered the strongest Strong contraction In 2020 over 300 years.

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These are other signs of reviving the fortunes of the United Kingdom:

  • Low VAT rate of 5% for six months until 30 September;
  • Taxes on house sales extended until 30 June;
  • Cancellation of the expected increase on alcohol and fuel;
  • Increase of £ 20 per week for payment of extended welfare universal credit for six months

It should be remembered that the national economy shrunk to around 10% last year and is expected to expand by 4% in 2021. GDP will increase by 7.3% in 2022, stronger than the 6.6% forecast pace in November.

After five years,UK Economy It will still be 3% smaller Would have been without the epidemic

Increase in taxes: English plan

According to analysts, the point is how do I balance Public accounts Unbalanced towards record debt.

As expected, the craze has devised a plan to start increasing the deficit, which has increasedCorporation tax at 25% With effect in 2023, from current 19%.

“Government is also providing to businesses 100 billion pounds Support to overcome this epidemic, so it is right and necessary to ask them to contribute to our recovery. Even after this change, the UK will still have the lowest corporate tax rate for the G-7 “Explained to the Chancellor.

Since corporation tax is levied only on profits, it will not put burden on companies even in difficulty.

Public debt burden, Reached levels never seen before, it will gradually lighten. The craze missed it again, pointing to progressive adjustments on taxes and cuts in public expenditure.

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About the Author: Forrest Morton

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