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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 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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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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Xpeng Motors introduced its Kunpeng Super Electric System, promising over 1,400 km range for electric vehicles (EVs) during its AI Day in Guangzhou. This move aims to enhance global expansion and address charging infrastructure challenges. Meanwhile, UK reports suggest revising EV tax incentives to boost sales and accessibility.
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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 UK government's decision to freeze Local Housing Allowance (LHA) rates until 2026 has raised alarms among experts and charities. With rising rental costs, low-income renters are expected to face significant financial shortfalls, potentially leading to increased poverty and homelessness.
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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.