Chancellor pumps billions into economy to combat coronavirus

Chancellor pumps billions into economy to combat coronavirus
Chancellor pumps billions into economy to combat coronavirus
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Despite speculation that he would ditch the framework on spending set by predecessor Mr Javid, Mr Sunak said his Budget is delivered “not just within the fiscal rules of the manifesto but with room to spare”.

The chancellor has scrapped a planned cut in corporation tax and scaled back a tax break for entrepreneurs, saving £6bn over the next five years.

The spending in this Budget is being largely paid for with a big increase in government borrowing.

In other Budget measures, the chancellor announced that fuel duty would be frozen for another year.

A planned increase in spirits duty will be cancelled and duties for cider and wine drinkers in England will be frozen as well, but a packet of 20 cigarettes will cost 27p more.

The so-called tampon tax will be abolished, and VAT on books, newspapers, magazines and academic journals will be scrapped from 1 December.

And the chancellor pledged to more than double spending on UK government research and development by 2024.

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