Five key takeaways from the UK Autumn Budget
The United Kingdom's government says its policies are for the 'working people of Britain'.
The United Kingdom’s government has announced its first budget since Andy Burnham became prime minister and leader of the Labour Party three months ago.
Chancellor of the Exchequer John Healey unveiled his Autumn Budget on Wednesday, announcing a series of policies that he said were for the “working people of Britain”, who have experienced a dramatic decline in living standards in recent years. Healey said the budget would give the country “breathing space” after years of economic stagnation fuelled by austerity, Brexit, the coronavirus pandemic, privatisation and rising energy prices.
Global fuel prices have soared in recent months because of the US-Israel war on Iran, which has prompted Tehran to close the Strait of Hormuz, a crucial waterway through which about 20 percent of the world’s oil and liquefied natural gas (LNG) would normally transit.
In response, NATO Secretary-General Mark Rutte welcomed the British government’s budget plan, saying it showed a “strong commitment” to defence.