"UK's Jeremy Hunt's Budget Announcement: Benefits Raised, Alcohol Duty Frozen"
UK Finance Minister Jeremy Hunt announces a major tax cut, reducing employee National Insurance from 12% to 10% and scrapping the "class 2" NI charge for self-employed individuals. He also confirms a permanent business tax break and £4.5 billion in funding for British manufacturing. The UK economy's growth forecast is downgraded, with GDP projected to grow by 0.6% this year and 0.7% next year. Hunt also pledges an additional £500 million investment in artificial intelligence. Other measures include an increase in the National Living Wage, cuts to alcohol duty, and a rise in tobacco duty.