(Bloomberg) -- Here are the key takeaways from U.K. Chancellor of the Exchequer Rishi Sunak’s budget speech in Parliament on Wednesday.

  • Sunak presented his third budget, pledging a “new age of optimism,” even as the risk of inflation lurks
  • Sunak cut taxes on alcohol, causing pub stocks to rally, and froze a planned rise in fuel duty. He also gave a one-year 50% reduction in business rates to the retail, leisure and hospitality sectors
  • With the cost of living rising for Britons, Sunak cut the so-called taper on Universal Credit welfare payments, increasing how much people will keep as their incomes rise
  • With upgraded forecasts to economic growth and tax revenues, Sunak committed to real-terms increases in departmental spending in all areas of government
  • Despite those sweeteners, Sunak also spoke of the need to strengthen public finances. The borrowing forecast for the next five years was lowered by 154 billion pounds ($211 billion), while planned debt sales for this fiscal year were cut by a fifth

Read more: Sunak Delivers Johnson-Style Budget That Ramps Up U.K. Spending

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