Public sector borrowing: Government finances show a July surplus for the first time since 2012 – these five charts show the state the UK’s finances are in August 21, 2015 Figures published this morning showed the government's finances moved into surplus for the first July since 2012, with public sector net borrowing showing a surplus of just under £1.3bn, a fall in borrowing of £1.4bn compared with the same period last year. That's partly down to tax receipts, which rose to £7.8bn in July, £1.2bn [...]
Chancellor George Osborne’s tax breaks for British film industry given go-ahead by EU August 21, 2015 A new higher rate of film tax relief has been given the go ahead by the European Union. The scheme, first announced in the March Budget, will enable film companies to claim tax relief of 25 per cent on production costs. Chancellor George Osborne confirmed that the EU had agreed the move this morning. "British [...]
George Osborne wants to build more homes in the countryside August 20, 2015 Chancellor George Osborne wants to reform planning laws and make it easier for villages to build new houses. The chancellor said more people are moving to the countryside with rural areas of England experiencing net internal migration of more than 60,000 a year. "This government is determined to support the millions that already choose a [...]
As building societies pile on the pressure, Andrew Tyrie warns George Osborne against new bank surcharge August 19, 2015 The chairman of an influential parliamentary committee has urged chancellor George Osborne to make sure that a new tax on banks does not reduce competition in the market. Read more: Osborne facing pressure from building societies over "perverse" bank surcharge Andrew Tyrie, who chairs the Treasury Select Committee, said today that there was a danger of "unintended consequences" [...]
George Osborne facing pressure from UK building societies over ‘perverse’ bank surcharge August 19, 2015 The Treasury is under fire from Britain’s building societies, who say that a new tax will cost them at least £630m over the next five years – and choke off £20bn worth of lending. Mortgage lenders want the government to think again. “As you would expect the sector is positively engaging with HM Treasury,” Building [...]
Nationwide attacks bank surcharge, accusing George Osborne of targeting building societies August 18, 2015 Britain’s second largest mortgage lender has said chancellor George Osborne’s new bank tax will cost it £300m over the next five years. The move by Osborne to replace the bank levy with a surcharge will “disproportionately” hit building societies, Nationwide chief executive has Graham Beale said. Osborne announced in the July Budget that the annual [...]
Londoners pay £3,000 more in tax than they receive back: However you slice it, everybody’s getting a raw deal from Britain’s tax code August 14, 2015 “Those with the broadest shoulders must bear the biggest burden”… “We’re doing our utmost to lift the poorest out of tax altogether.” The phrases slip off politicians’ tongues with the regularity of clockwork, as much a part of our political environment as Prime Minister’s Questions. Yet it’s clear from even the most cursory look [...]
What George Osborne needs to do to get Britain’s productivity engine started again August 11, 2015 Productivity is the engine of economic growth. For a quarter of a century prior to the financial crash, Britain’s productivity engine ran smoothly as output per worker increased at an average rate of more than two per cent a year. But in 2008 the engine stalled. In the last seven years there has been no [...]
Chancellor George Osborne faces backbench revolt over cuts to tax credits August 10, 2015 The government is set to face its first Conservative backbench revolt over the Budget, after MPs voiced concerns about plans to reduce tax credits by up to £1,000 a year. The Times reported the chancellor will face “real anger and frustration” around the changes, which mean 3m families will lose on average £1,000 a year, [...]
Standard Life share price falls on hit from Osborne’s pension shake-up August 4, 2015 The insurance giant's admission that it will be hit by the government's pension shake-up sent shares down three per cent to 440.7p in mid-morning trade today. The figures In results posted this morning, Standard Life said operating profit before tax rose six per cent to £290m in the six months ended 30 June, from £274m during the same period a year earlier. The [...]