PACKAGING firm DS Smith saw its share price soar over six per cent yesterday morning, after posting a 52 per cent rise in half-year profits that showed its European expansion plan is paying off.
MIKE MURPHY NUMIS
LONDON’S housing boom is driving up stamp duty revenues sharply, Office for Budget Responsibility (OBR) numbers showed yesterday, slashing the budget deficit as increasing numbers of house buyers are dragged into higher tax bands.
BRITAIN’S recovery is faster than expected and the country should run a budget surplus in 2018-19, the Office for Budget Responsibility (OBR) said yesterday – but it also warned the UK will be held back by weak productivity and poor exports in the
Q What has happened to the bank levy?
THE BANK levy was raised again yesterday to take more from lenders and stop them benefiting from falling corporation taxes.
CHALLENGER banks Aldermore and Virgin Money became the latest lenders to sign up to the Help to Buy guarantee scheme yesterday.
FIRMS hiring young workers will not have to pay national insurance contributions, the chancellor said yesterday, cutting the cost of taking on the employees.
GEORGE Osborne has set out plans to tighten up fiscal rules in order to ensure the government achieves a surplus by the end of the next parliament in 2020.
THE CHANCELLOR gave more detail on one of David Cameron’s flagship policies in his Autumn Statement yesterday, setting out plans for how the married couples tax allowance will work.
Local government will be excluded from a further £1.1bn of cuts to departmental budgets, with the intention of helping local authorities to freeze council tax from 2014 to 2016.
BRITAIN’S government-backed export finance limit was doubled to £50bn yesterday, as part of the chancellor’s attempts to boost UK firms’ sales overseas.
BRITAIN’S struggling high streets were handed some relief yesterday after the government gave in to calls from industry leaders to cap the rise in business rates next year.
IN RESPONSE to the significant rate of vacancies on British high streets, the chancellor yesterday also promised a 50 per cent discount on business rates to firms that move into previously unoccupied retail properties.
OVERSEAS residents will be made to pay capital gains tax (CGT) when they sell their homes in the UK under changes announced by the chancellor yesterday, in a move expected to raise up to £345m by 2018.
■ The government will create a £1bn, six-year programme to unblock large housing developments on sites in Manchester and Leeds and across the country.
HOUSEHOLDS could be paid a share of the proceeds when new developments are built in their area, under a pilot scheme announced yesterday.
WORK and pensions secretary Iain Duncan Smith has conceded that his flagship reforms to welfare will not be in place by the existing deadline, as the chancellor reveals new government welfare policies.
A RAFT of measures on education were announced as part of the Autumn Statement yesterday.
The chancellor focused on policies to encourage more apprenticeships and additional university places to cater for increased demand.
A PACKAGE of measures to curb tax avoidance were included in yesterday’s Autumn Statement, in a move the chancellor says will raise nearly £7bn.
FROM April next year, the state pension will be hiked by £2.95 per week, an annual increase of £153.40 for each retiree.
IN A CROWD pleasing move, George Osborne pledged to make £100m worth of Libor fines available to military and blue light charities yesterday.
CITY fund managers were boosted yesterday after the chancellor abolished taxes liable on UK-based exchange traded funds (ETFs) – bringing Britain into line with rival European countries.
THE BURGEONING retail bond sector could gain access to the £440bn Isa market after the Treasury announced plans to loosen rules around their inclusion in people’s saving accounts.
Catherine Gannon, 51
Managing director of law firm Gannon
MANUFACTURERS yesterday slammed the lack of any compensation for energy tax in yesterday’s Autumn Statement.
SHALE gas production was given a helping hand from the government yesterday, with the confirmation that taxes on companies’ profits would be slashed to spur investment.
NOBEL laureate Peter Higgs, the theoretical physicist who discovered the so-called God particle, applauded the government’s decision to support future scientific discoveries as part of its £270m funding for quantum technology.
CUSTOMERS will save around £50 on their energy bills through green policy reforms, the government confirmed in yesterday’s Autumn Statement.
RAIL fares will rise by an average of 3.1 per cent next year, after the chancellor pledged to reduce planned receipts by £80m, keeping increases in line with inflation.
MOTORISTS were given their now-traditional Autumn Statement present yesterday, in the form of a freeze in petrol duty until at least 2015.
GEORGE Osborne confirmed his plan to save motorists five per cent on their vehicle excise duty if they pay by direct debit from 1 October 2014.
THE BUSINESS GROUP
Director general of the CBI
The CBI had lobbied the government to cap business rates at two per cent and support business finance.
KEY MEMBERS of the UK film industry came out in support of government plans to encourage UK film production yesterday.
WORKERS will get the right to acquire up to £3,600 a year in share incentive plans, up from £3,000 currently, or £1,800 a year in partnership shares, from April.
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BRITAIN’S benchmark equity index fell for a fifth straight day yesterday, its longest losing streak since March, as improving US economic data fuelled expectations that the Federal Reserve may cut its equity-friendly stimulus programme early.
US stocks fell yesterday, with the Dow and S&P 500 dropping for a fifth straight session after a round of mixed economic data left traders guessing as to when the Federal Reserve would begin to slow its stimulus programme.
THE STATE pension age is set to rise to 70 after 2050, the chancellor will confirm in his Autumn Statement today.
THE CHANCELLOR will also announce cuts to government spending today, with an extra £1bn a year being shaved off departmental budgets over the next two years.
THERE has long been a debilitating tension at the heart of this government’s thinking on the economy.
WHO: GEORGE OSBORNE
WHEN: 11.15AM TODAY
WHERE: HOUSE OF COMMONS
WHAT WE ALREADY KNOW
THE UK economy is on track to grow by an impressive one per cent in the final three months of the year, analysts said yesterday.
GOLDMAN Sachs yesterday said it would consider moving its European headquarters from London to Paris if the UK left the European Union in future.
TRADERS from eight global banks colluded from 2005 to 2010 to attempt to alter euro and yen derivatives rates, the European Commission said yesterday, fining them a total of €1.7bn (£1.4bn).
Q Why have these banks had to pay €1.7bn to the European Commission?
STANDARD Chartered issued a profit warning yesterday as its 10-year long run of record profits looks set to come to a sudden finish, as chaos in emerging markets and losses in Korea hit the lender.
AHEAD of today’s Autumn Statement, George Osborne got an implicit rebuke over his repeated enthusiasm for raising the banking levy in Standard Chartered’s profit warning yesterday. The bank noted “a significant increase in the UK bank levy”.