UK cuts tax-free allowance for cash savings

BRITISH FINANCE MINISTER Rachel Reeves delivered a budget on Wednesday that will take more tax from workers, people saving for a pension and from investors to give herself more room for meeting her borrowing targets.

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The country's fiscal watchdog, the Office for Budget Responsibility (OBR), cut its forecasts for growth in the UK economy over the coming years.

But in a figure closely watched by investors assessing Britain's borrowing risks, the OBR said the government will now have more than double its previous buffer for meeting its fiscal targets even as it raises spending on welfare.