5 Things You Need To Know, Today, on Thursday 28th October 2021
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5 Things You Need To Know, Today, on Thursday 28th October 2021
5. The UK has said threats to block British boats from French ports in a dispute over fishing rights are a breach of international law and trade agreements.
France was angered by a decision from the UK and Jersey last month to deny fishing licences to dozens of French boats, and argued that it breached the Brexit deal.
4. Taxes on sparkling wine, draught beer and cider are to be cut, but will rise for stronger drinks such as red wine following a shake-up of alcohol duty in the budget.
The new system, due to start in 2023, will mean higher duty for stronger alcohol, the chancellor said.
3. The cost of living could rise at its fastest rate for 30 years, the government's forecaster has warned.
Its latest forecast says inflation, which measures the change in the cost of living over time, is set to jump from 3.1% to an average of 4% in 2022.
2. The impact of Brexit on the UK economy will be worse in the long run compared to the coronavirus pandemic, the chairman of the Office for Budget Responsibility has said.
Richard Hughes said leaving the EU will reduce the UK's potential GDP by about 4% in the long term whereas the pandemic would reduce it "by a further 2%".
1. Shops, restaurants, bars and gyms in England which have been badly hit by the Covid-19 pandemic have been given a financial boost in the Budget.
Chancellor Rishi Sunak announced a temporary 50% cut in their business rates, up to a maximum of £110,000 and he scrapped 2022's planned annual increase in rates for all firms for the second year in a row.
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