KUALA LUMPUR, June 5 (Bernama) -- Bursa Malaysia closed higher, with the benchmark index rising 0.60 per cent as bargain-hunting persisted following the recent sell-off, despite weaker performances across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 10.17 points to 1,693.43 from Thursday's close of 1,683.26. The benchmark index opened 3.19 points higher at 1,686.45 and traded between 1,684.36 and 1,698.53 during the trading session. However, broader market sentiment remained negative, with losers outnumbering gainers 666 to 477. A total of 574 counters were unchanged, 958 untraded and 12 suspended. Turnover fell to 3.41 billion units worth RM3.04 billion from 3.47 billion units worth RM3.58 billion on Thursday.
Britain's newly elected Labour government has declared the nation "broke and broken" as it prepares to assess the public finances, revealing a £20 billion shortfall left by their predecessors.
Key Points:
- Fiscal Review Announcement: Finance Minister Rachel Reeves will present a fiscal review to parliament, blaming the previous Conservative government for unfunded spending commitments.
- Economic Shortfall: The review highlights a significant budget gap of £20 billion, attributing the financial crisis to the former administration's populist policies.
- Election Promises: Despite the shortfall, Labour is constrained by their campaign pledges not to increase income tax, National Insurance, VAT, or corporation tax.
- Budget Plans: Reeves will announce the date for her first budget and commission independent forecasts to accompany it. She will also outline the formal spending review process.
- Public Sector Pay: There are plans to approve above-inflation pay increases for teachers and health workers, though it remains unclear how Labour will address the identified financial shortfall.
Labour's statement underscores the challenging economic situation they inherited and signals potential future tax increases or project delays to manage the financial crisis.
Comments
Post a Comment