Chancellor Promises Help for Households and Businesses in First Budget
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UK chancellor John Healey has promised to give 'breathing space' to consumers and businesses in his first budget.
He made the comments while speaking at a meeting held by the IMF, the International Monetary Fund.
Healey said he will stick to the government's fiscal rules. These rules limit how much the government can borrow and spend.
At the same time, he said he understands the pressures facing businesses. He also recognised the difficulties caused by the high cost of living.
A budget is the government's plan for taxes and spending. Chancellors usually announce a budget once or twice a year.
Healey's comments suggest the budget may include some measures to help consumers and companies with rising costs.
However, he also made clear that spending will stay within strict limits set by the fiscal rules.
The IMF meeting is an important event where world leaders and finance ministers discuss the global economy.
Many people in the UK are watching closely to see what the budget will contain.
Rising prices have made life harder for many households and businesses in recent years.
The chancellor's balance between helping people and following fiscal rules will be closely watched by economists.
Details of the full budget are expected to be announced later.
Vocabulary10 words
- chancellor
- the UK minister in charge of money and taxes
- budget
- a government plan for spending and collecting money
- IMF
- a large world organisation that helps countries with money problems
- fiscal rules
- official limits on government borrowing and spending
- cost of living
- the amount of money people need for daily life
- consumers
- people who buy goods and services
- economy
- the system of money, jobs, and trade in a country
- breathing space
- extra time or help that makes a hard situation easier
- households
- people living together in one home
- measures
- actions taken to achieve something
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Quiz
Answer key
1. 'Breathing space' for consumers and businesses 2. At an IMF meeting 3. The fiscal rules
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Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
UK chancellor John Healey has promised to give 'breathing space' to _____ and businesses in his first budget.
He made the comments while speaking at a meeting held by the _____, the International Monetary Fund.
Healey said he will stick to the government's _____ rules. These rules limit how much the government can borrow and spend.
At the same time, he said he understands the pressures facing _____. He also recognised the difficulties caused by the high cost of living.
A budget is the government's plan for _____ and spending. Chancellors usually announce a budget once or twice a year.
Healey's comments suggest the budget may include some _____ to help consumers and companies with rising costs.
However, he also made clear that spending will stay within strict limits set by the _____ rules.
The IMF meeting is an important event where world leaders and finance ministers discuss the global _____.
Many people in the UK are watching closely to see what the _____ will contain.
Rising prices have made life harder for many _____ and businesses in recent years.
Discussion questions
- Why might a chancellor want to give 'breathing space' to consumers and businesses?
- What do you think fiscal rules are designed to prevent?
- How does the cost of living affect your own daily spending decisions?
- Why might the IMF meeting be a significant place to discuss a national budget?
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