What can nervous businesses expect from the Budget?

Umaro Sissoco Embaló, the president of Guinea-Bissau, has been arrested amid reports of gunfire, just three days following a contentious presidential election where he sought re-election against a relatively unknown candidate. This incident marks a significant escalation in the political instability that has plagued the country.

Chancellor Rachel Reeves has announced a series of tax increases, including a freeze on income tax and National Insurance thresholds, which will result in millions of individuals facing higher tax rates as their wages rise. Additionally, the two-child benefit cap has been lifted, signaling a significant shift in fiscal policy.

The UK has revised its economic growth forecasts downward, projecting an average annual growth rate of 1.5% over the next five years due to downgrades in productivity. This adjustment reflects concerns about the country's economic performance and potential stagnation.

A massive fire has engulfed multiple high-rise residential buildings in Hong Kong's Tai Po district, resulting in at least 13 fatalities, including a firefighter. Firefighters are currently struggling to contain the blaze and are engaged in ongoing rescue operations as many individuals remain trapped inside the structures.

Properties valued over £2 million in England will be subject to a new tax surcharge, starting at £2,500 and increasing to £7,500 for properties exceeding £5 million. This measure is part of the government's strategy to enhance revenue from high-value real estate amidst ongoing economic challenges.

Chancellor Rachel Reeves has announced a significant £820 million boost for Scotland as part of the UK Budget, which is expected to directly impact tax and spending plans in the region. This announcement comes amid a backdrop of economic challenges and political scrutiny surrounding the government's fiscal strategies.

Twenty-four Nigerian schoolgirls have been released over a week after their abduction, amid conflicting reports from Nigerian officials regarding the status of approximately 250 other missing children following a mass kidnapping incident. The release highlights ongoing challenges in ensuring the safety of students in the region.

The removal of the two-child benefit cap has been described as 'life-changing' by a mother of four, who highlighted the constant financial strain her family faces amid rising costs. This change is expected to alleviate some of the financial burdens on families with more than two children, allowing for better household management and support.