India's commerce ministry is awaiting a response from the UK regarding the resumption of negotiations for a proposed foreign trade agreement (FTA). Commerce Secretary Sunil Barthwal noted that positive bipartisan sentiments in the UK suggest that India should be a priority for the current government, especially following the recent Budget session. FTA talks were paused in March 2024 as both nations awaited the outcomes of their general elections.
The UK government has decided against further tightening the tax regime for North Sea oil and gas producers, maintaining capital allowances in the windfall tax despite industry protests. Chancellor Rachel Reeves is seeking additional revenue from this sector to address a £22 billion budget deficit inherited from the previous Conservative government.
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