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FT News Briefing
China hopes for a big economic rebound
Mar 6, 2024
UK's Chancellor plans a £10bn tax cut, China targets 5% growth, Argentina's president discusses economy. China's premier sets ambitious growth target and fiscal policies, while Argentina implements controversial austerity measures. Challenges in political support and economic stability amid international controversies.
10:17
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Quick takeaways
- UK Chancellor Jeremy Hunt is introducing a £10bn personal tax cut in the budget, aiming to stimulate the economy and gain voter support.
- China aims for a 5% economic growth target amidst challenges like a property sector slowdown and plans to increase defense spending by 7.2%.
Deep dives
UK Budget Focuses on Personal Tax Cuts
Chancellor Jeremy Hunt unveils the UK's budget with a significant emphasis on 10 billion pounds worth of personal tax cuts. While this move aims to bolster the economy and reassure voters amid a recession, some conservative MPs argue that the cuts may not go far enough. The polls indicate a substantial lead for Labor over the Tories in the upcoming election, adding political weight to the budget decisions and their perceived impact on the public.
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