to a spending increase of £150 billion over three years with the economy forecast to return to pre covid levels by next year. he forecast that inflation is likely rise above 4% next year, though the government s own budget watchdog suggests it could rise higher still. growth is forecast to be 6.5% this year but may then fall as low as 1.3% after 2023. after much criticism for reversing the £20 weekly boost to universal credit, the chancellor has announced the the universal credit taper rate will be cut by 8 percentage points. that means rather than than losing 63p in benefits for every extra pound you earn, you will only lose 55p. a one year 50% cut in business rates in england has been pledged for some of the businesses hit hardest by the pandemic retail, hospitality and leisure. and just days before the uk hosts the global climate summit cop26 in glasgow, air passenger duty on uk flights will be cut and duty on fuel
Despite Uncertainty, US Personal Income and Spending Increase in July
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before they recognize exactly what they should do with interest rates and everybody out there was the most sophisticated investors on wall street, people sitting around the kitchen table in the evening trying to figure out whether budget is going to be worth more or less six months from a has to keep their eye on jerome powell. charles: you can feel the tension, every sentiment, is there for sure. when we come back, going for broke, democrats pushed the largest spending increase in u.s. history look at what is on the table the latest $3.5 trillion bill and whether they can ramp it through congress despite the narrow majority. we are going to get this done. we are getting this done.
this is a remarkable moment. so largest spending increase in u.s. history, the share of gdp for 25% and historical averages about 20 or 21%. right now, what you have with this deal, he managed to get some buy-in from the nervous swing state democrats like joe manchin pricing we are going to pay for office they have this wrath of tax hikes they will propose and that s how they got the 3.5 for the can come up with any more fictional revenue but once you have everybody demanding all of their priorities, because the number go up? can they get away with it? there s a lot still moving here and it will take a couple of more weeks to see if they ve got all 50 of the senators plus kamala harris they need to make this pass. charles: certainly a couple of
filling in forms for example to trade with the eu and one of the interesting things is actually trade has gone up with the eu and non eu so that is something that is actually very positive to take away from all of this and there will be a feel good factor. there is already a feel good factor. there is already a feel good factor. there is already a feel good factor. we are beginning to see the end of lockdown restrictions, euro 2020 is making a big difference to people s sentiment so we may see our way through this with some spending increase, but markets had a bit of a bubble yesterday. there are concerns globally about the delta variant and it is one to watch. it is one to watch. good to talk to ou. it is one to watch. good to talk to you- thank it is one to watch. good to talk to you- thank you it is one to watch. good to talk to you. thank you for it is one to watch. good to talk to you. thank you for your it is one to watch. good to talk to you. thank you for your analysis
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