The UK’s fiscal watchdog has accused Treasury officials of potentially breaking the law by failing to disclose £9.5 billion in unfunded commitments prior to the March budget. Richard Hughes, Chairman of the Office for Budget Responsibility, stated that officials were aware of these obligations but did not reveal them during the budget-drafting process, as required by legislation.
Rachel Reeves' budget has raised the Energy Profits Levy on fossil fuel firms, expected to generate £300 million annually, but the Office for Budget Responsibility warns it will deter investment. While small businesses benefit from targeted support, the overall fiscal measures are seen as a blow to larger firms, with national insurance contributions increasing. Despite record tax revenues, unprotected departments face real-terms cuts, raising concerns about future spending.
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