George Osborne, the U.K.'s Chancellor of the Exchequer, lowered his longer-term forecasts for the country's economic growth Wednesday - and hiked taxes for some multinationals in the U.K.
The Chancellor also announced reforms to the U.K.'s unpopular Stamp Duty Land Tax, a lump sum paid when buying a property, which should make the sum paid cheaper for 98 percent of buyers.
He was criticized by Ed Balls, the opposition Labour Party's Shadow Chancellor, who accused Osborne of recycling previously made announcements and said: "For working people, there is a cost of living crisis."
Companies like Starbucks and Amazon, who have faced negative coverage over their U.K. tax payments, may face a larger tax bill, after he announced a 25 percent tax on profits "artificially shifted" out of the U.K.
Non-domiciled taxpayers who have lived in the country for more than 12 years will now have to pay a £60,000 annual charge.
The Office for Budgetary Responsibility (OBR), an independent body which provides economic projections for the U.K. government, raised its gross domestic product (GDP) forecast for the U.K. to 3 percent growth for 2014, and 2.4 percent in 2015 but cut it for successive years. It now forecasts growth of 2.2 percent in 2016, 2.4 percent in 2017, then 2.3 percent in 2018 and 2019.