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Vaping products will come in october 2026 and the existing tax on tobacco will increase. The chancellor says thats in order to maintain the financial incentive to choose over smoking. Windfall tax on the profits of energy firms draw will be extended into 2029 even that was previously scheduled to end in 2028. Increase in flight duty for Business Class tickets, non dom tax free dream on People Living overseas and didnt that it will be replaced with new rules from april 2025. Bigger picture the uk economy now. The obr, office of budget responsibility predicts the economy is going to grow and add 1. 9 we are currently on a technical recession. Inflation rate forecast to fall below 2 target this year but the underlying debt. But the underlying debt, excluding Bank Of England debt, is forecast to be 91. 7 of gdp this year, ri ....
hello, i m sally bundock, here with your top business stories. let s start with oil, because crude prices have risen some 2% after saudi arabia and opec plus countries announced they would be cutting production to stabilise oil prices. saudi arabia said it would make cuts of one million barrels per day injuly, which is around 1% of global supplies. opec plus countries which account for around a0 % of the world s crude oil said they would cut production by some 1.4 million barrels per day from the start of next year. but not all members of the cartel were happy, with nigeria and angola both wanting to raise production rather than cut it. joining me now from vienna is cornelia meyer, who s the ceo of meyer resources. always lovely to see you. talk to us about these announcements. were you expecting these new cuts to come? i expecting these new cuts to come? . , , . ., come? i was expecting them and ou come? i was expecting them and you know. come? i was expecting them and ....
caused severe flooding. the us city of memphis is bracing for the release of police video of an arrest that led to the death of the black man, tyre nichols. five police officers, who are also black, are facing murder charges. lawyers for the family, say the swift dismissal and charging of the police officers involved should be the blueprint for similar cases in the future. his family have called forjustice. our north america correspondent, nada tawfik reports the death of tyre nichols has prompted americans yet again to confront the reality of police brutality and its consequences. this 29 year old loved skateboarding and was on his way home from a local park when a traffic stop turned into a deadly confrontation. he died three days later from his injuries. now, anotherfamily is asking how this keeps happening, despite worldwide outrage and public demands for police reform following the killing of george floyd. i m going to pray for you and yourfamilies, because at the ....
a new dual covid vaccine will form part of the uk s autumn booster campaign the jab targets both the original covid and omicron variants. and, at last, an apology for the native american actress, booed off stage at the oscars, almost 50 years ago. good afternoon and welcome to bbc news. new figures suggest the real value of wages, has fallen at its fastest rate since records began, leading to further concerns about the cost of living. the office for national statistics says regular pay, excluding bonuses, was up 4.7% between april and june this year, compared to last year. but taking inflation into account, it s actually down 3%, hit by the rising cost of goods and services. the government says it recognises people are struggling with high prices, but is providing direct financial help for millions on low incomes. here s our economics correspondent, andy verity. from the outside, 4.7% is the best average pay rise for years. but the inside story is the average worker i ....
including access to free prescriptions and legal aid, cut off. mr hunt said businesses are set to benefit from his announcement that he is to making full expensing for businesses permanent. it means that for every £1 that a business invests in it, machinery and equipment, they can claim back 25p in corporation tax. hunt says this will cost £11 billion a year and represents the largest business tax cut in modern british history . the national living wage will rise by £1.02 to £11.44 from april, with the policy extended to cover workers aged 21 and over for the first time, rather than 23 and over. he also told mps that alcohol duty will be frozen until august one next year, meaning no increase in duty on beer, cider, wine or spirits, but the tobacco duty will increase. let s also have a quick look at the forecasts for the economy. during the speech the chancellor revealed the latest forecasts from the independent office for budget responsibility. they downgraded their fo ....