'UK will have to give concessions' if it is to secure business tax hike to 25%

Britain's Chancellor of the Exchequer, Rishi Sunak, wants to deliver £17bn of annual spending cuts in his budget.

Sterling rose against the euro and the dollar a day after the British government rolled out an expansive annual budget designed to prop up the economy, but it will probably have to offer concessions to businesses if it wants to be able to implement a big hike in corporation tax that is at the centre of the new plan.

A leading think tank, the Institute for Fiscal Studies, also said it was very unlikely that Chancellor of the Exchequer Rushi Sunak would be able to deliver the £17bn of annual spending cuts included in his plan.