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British ice are tax Free Allowance to invest in uk listed companies. British isa tax Free Allowance. Moving on to the uk economy. The Office For Budget Responsibility predicts uk economy will grow by 0. 8 this year and 1. 9 next year. The uks Inflation Rate is also forecast to fall below 2 target this year. But the underlying debt, excluding Bank Of England debt, is forecast to be 91. 7 of gdp this year rising to 92. 8 next year. The government also kept a freeze on alcohol duty, which had been due to end in august, which will now continue until february 2025. There will be a new tax on vaping products to start in october 2026, and the existing tax on tobacco will increase. The chancellor say ....
Before the next general election. So there is a lot riding on this and after the chancellor delivers his statement, we will hear from the labour party, they will deliver a response in the House Of Commons to that budget as well. Joining me now is our political correspondence who is our political correspondence who is at Downing Street as well. We saw the chancellor depart from number 11 in the last 20 minutes or so, that budget firmly inside that red box. I was saying earlier, i did a story years later about those red boxes and how they are made, a secretive process, and they are very heavy, about three kilograms, so it takes a muscle to hold that up we knew some of what is in the box, we knew about the 2p reduction in National Insurance but what other rumours swirling around westminster . It is interestin swirling ....
The most and conservative thing i could do would be to cut taxes by increasing borrowing. Thats just cutting taxes and saying future generations have to pick up the tax after. I wont to do that. But i do want, where its possible to do so, responsibly, to move towards a lower tax economy, and id hope to show a pass in that direction. But this will be a prudent and responsible budget for long term growth, tackling inflation, my investments, morejobs, and thats path to lower taxation as and when we can afford it. But you said also, that the forecast from the obr, which is the economic watchdog which marks your homework, you have said that the numbers have gone against us. So the picture is bleaker than it was at the beginning of the year . Why then are you looking now to cut taxes at all . These forecasts change the whole time. What happened in the autumn was that the forecast went in our favour unexpectedly, quite close to the end. So i was able to introduce the biggest business tax cuts ....