UK Prime Minister Hopes to Lower Taxes as Economy Strengthens

The co-founder of the International Law Firm of Shirkhani & Alavi, Dr. Shahram Shirkhani handles legal matters for clients across the Middle East and Europe. Dr. Shahram Shirkhani regularly practices in the areas of international banking and foreign investments.

Since the beginning of the fiscal year, the United Kingdom has demonstrated various signs of economic recovery. In response to these markers, the country’s prime minister, David Cameron, announced in mid-July that he would like to lower taxes. Following the global financial crisis, the UK implemented a number of deficit-reduction goals, including increased taxes and extended budget cuts. Thanks in part to these measures, the country has started to recover and officials expect recent reports to show gross domestic product increases of 0.6 percent for the second quarter. The country has also experienced falling unemployment rates, a rise in home prices, and increased consumer confidence.

Furthermore, the pound strengthened against the dollar several days this month, marking its longest winning streak since before May 1. As of July 22nd, the pound was valued at $1.5365. According to Bloomberg, the last three months have resulted in a 2.1 percent increase for the pound, a 2.7 percent rise for the euro, and a 1.6 percent increase for the dollar.