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The UK economy grew by only 0.1% in the third quarter of 2024, significantly below expectations. This disappointing figure follows Labour's election victory, raising concerns about the government's ability to stimulate growth amid rising taxes and uncertainty in business investment.
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Chancellor Rachel Reeves announced plans to consolidate the UK's 86 local government pension schemes into 'megafunds' during her first Mansion House speech. This reform aims to unlock £80 billion for investment in infrastructure and businesses, mirroring successful models in Australia and Canada.
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Farmers in the UK are protesting against new inheritance tax rules set to take effect in April 2026. The changes will impose a 20% tax on agricultural assets valued over £1 million, which previously enjoyed exemptions. Critics argue this will threaten family farms and food security.
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As of November 13, 2024, mortgage rates in the U.S. have surged to 6.79%, the highest since July, driven by inflation concerns following Donald Trump's election victory. In the UK, rising rates are also impacting the housing market, prompting borrowers to act quickly amid economic uncertainty and higher borrowing costs.
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As the UK grapples with a persistent cost of living crisis, inflation has dropped to 1.7%, the lowest in over three years. Despite this, many households continue to struggle with rising costs, prompting the Labour government to prepare for a challenging budget aimed at addressing economic instability. Key financial support measures are set for November.
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Chancellor Rachel Reeves delivered Labour's first Budget on October 30, 2024, addressing a £40 billion fiscal shortfall. The Budget included significant tax hikes and spending cuts, with a focus on addressing the economic challenges stemming from Brexit and the pandemic. The government's approach has sparked debate over austerity measures and their impact on public services.
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Starting January 2025, Labour will impose a 20% VAT on private school fees, aiming to fund state education. This policy has sparked concerns over potential school closures and increased fees for parents, particularly affecting smaller and specialist institutions. The government argues it will generate significant revenue for public education.
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Chancellor Rachel Reeves is expected to propose unprecedented tax increases in the upcoming Budget, aiming to address a £22 billion fiscal shortfall. Critics warn that these measures could lead to lower growth and job losses, marking a significant shift in Labour's fiscal policy since taking office.
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Recent reports highlight a crisis in special educational needs (SEN) funding in the UK, with spending reaching £10 billion annually. Despite increased funding, outcomes for children with SEN have not improved, leading to calls for urgent reform to address systemic issues and support families effectively.
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The Bank of England has reduced interest rates from 5% to 4.75%, marking the second cut this year. This decision follows the UK government's recent budget announcement and Donald Trump's election as US president, which may influence future monetary policy amid concerns over inflationary pressures.
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Chancellor Rachel Reeves' recent budget, which includes significant tax hikes and increased borrowing, has led to market instability, with rising government bond yields and a falling pound. Despite reassurances from Treasury officials, comparisons to Liz Truss's previous economic turmoil have emerged.
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Chancellor Rachel Reeves' recent budget has sparked controversy after raising employer national insurance contributions, contradicting Labour's election pledge not to increase taxes on working people. Critics argue this move will ultimately reduce workers' wages, undermining public trust in the government.
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Chancellor Rachel Reeves delivered a historic Budget, marking the first by a female Chancellor. The £40 billion tax increase aims to address a £22 billion deficit and boost public services, particularly the NHS. Despite promises to protect working people from tax hikes, employers will face significant increases in National Insurance contributions.
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Chancellor Rachel Reeves' first budget has raised taxes and spending significantly, but the Office for Budget Responsibility warns it won't boost economic growth in the coming years. The budget's impact on inflation and disposable income raises concerns about its long-term effectiveness.
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Chancellor Rachel Reeves' recent Budget has sparked significant internal dissent within the Labour Party, despite initial public support. The Budget, which includes substantial tax increases and spending commitments, has raised concerns about its impact on economic growth and living standards, leading to fears of future austerity measures.
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Chancellor Rachel Reeves unveiled a £40 billion tax increase to fund over £70 billion in public service spending, aiming to address the crisis in the NHS, schools, and justice system. Experts warn of potential income squeezes and sluggish growth, raising concerns about the long-term impact on living standards.
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Chancellor Rachel Reeves' first budget has unsettled financial markets, leading to a sell-off in bonds and the pound. The budget's significant tax increases and borrowing plans have raised concerns about inflation and economic stability, echoing past market reactions to fiscal missteps.
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The Independent Schools Council (ISC) has announced plans to initiate legal action against the UK government over its decision to impose VAT on private school fees starting January 2025. The ISC argues this policy violates human rights and could significantly impact families and students, particularly those with special educational needs.
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The UK government's planned increase in National Insurance contributions from April 2025 is raising concerns among GP practices and care providers. The rise could lead to significant financial strain, potential staff redundancies, and reduced patient care, prompting calls for government support to mitigate the impact on healthcare services.
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The UK government approved a controversial budget that includes increased national insurance contributions, a new tax on vapes, and significant NHS funding. Critics, including Conservative MPs, have raised concerns about inheritance tax changes affecting farmers, while the fiscal watchdog revealed errors in previous debt forecasts, complicating the Chancellor's financial strategy.
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Birmingham's German Christmas Market has faced backlash over steep price increases for food and drink, with a pint of beer costing £7 and bratwurst at £9. New rules limiting drink purchases to one per person have also frustrated visitors, leading to concerns about attendance at this popular event.
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Chancellor Rachel Reeves has faced backlash for raising taxes by £40 billion, contradicting her pre-election promise not to increase taxes. She cites a £22 billion financial shortfall inherited from the previous government as justification, while critics question the legitimacy of this claim and its implications for public services and economic growth.
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Unite has initiated legal action against the UK government over cuts to winter fuel payments affecting millions of pensioners. The union argues the decision, made to address a £22 billion budget deficit, is unlawful and harmful, particularly as winter approaches. The government has until November 7 to respond to the union's demands.
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Australia's annual inflation rate fell to 2.8% in the September quarter, the first time below 3% in over three years. Despite this, the Reserve Bank of Australia (RBA) has kept interest rates on hold at 4.35%, citing persistent underlying inflation concerns. Economists predict potential rate cuts in early 2025.
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The Bank of England has reduced interest rates from 5% to 4.75%, marking the second cut this year. This decision follows a decline in UK inflation below the target level, but future cuts may be cautious due to recent government budget measures and economic uncertainties.