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Britain is already in a recession according to the finance minister

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Britain is already in a recession according to the finance minister, as he announces a string of tax hikes

Britain is struggling economically.

UK finance minister Jeremy Hunt has announced a string of new tax hikes as the government pushes to tighten public spending.

Speaking to parliament, Hunt said it was necessary to restore faith in policymaking and public finances. This is particularly relevant after the short-lived premiership of Liz Truss.

“Credibility cannot be taken for granted and yesterday’s inflation figures show we must continue a relentless fight to bring it down. [This includes] a rock-solid commitment to rebuild our public finances,” Hunt said.

Headline moves include a freeze on income tax allowances, meaning more people will pay the basic rate.

Hunt also lowered the threshold for paying the top rate, and cut tax-free allowances for earnings from dividends.

He increased a windfall tax on oil and gas firms, and extended it to power generators.

“I have no objection to windfall taxes. [So long as] they are genuinely about windfall profits caused by unexpected increases in energy prices.”

Hunt is attempting to close Britain’s £55 billion budget hole.

Hunt said the country was already in recession, and government departments would need to find ways to save money.

But he denied that the plans amounted to a return of austerity, saying the the National Health Service would get extra funding.

Hunt says he hopes to protect other public spending “as much as possible”.

The opposition Labour Party said the economy was in a “mess”, as result of the government’s mistakes.

Markets gave a muted reaction to the plans, with sterling and government bonds edging lower.

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A British digital currency “later this decade”

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The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.

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Disney’s Drama

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What’s going on at Disney and why is the world’s largest entertainment company in trouble?

 
Dreams are a wish your heart makes, or at Disney, dreams are having a tough time of coming true.

After decades of turning children’s dreams into fantasies, the mouse-house is facing a crisis of leadership.

This Ticker Original looks at how the Walt Disney Company got here, and what happens next. #disney #bob iger

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The Tech Market Crash

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Since the Global Financial Crisis, tech companies have been riding high and making billions, so what happened?

 
It’s been a shocking year for tech companies. Riding high off the back of the pandemic, reality suddenly hit.

Across Silicon Valley, and spreading to Wall Street, the once darlings of the Nasdaq were suddenly hit hard.

So what happened, and where to from here?

This Ticker Original investigates. #snapchat #apple #tech stocks #nasdaq

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