Ministry of Justice to quit London March 24, 2010 DARLING will shift a staggering 15,000 civil servants out of the capital in a massive cost cutting drive. The news will further stoke the fires burning at the heart of the government over pay caps for the public sector workers, set at just one per cent – effectively a pay cut as inflation is double [...]
UK says its rating is safe after Budget March 24, 2010 THE British government’s latest borrowing forecasts should not give credit rating agencies any reason to change the nation’s sovereign debt rating, the head of the Debt Management Office (DMO) said yesterday. Britain’s record high debt has caused disquiet among investors, but lower borrowing forecasts in finance minister Alistair Darling’s budget helped soothe concerns, and rating [...]
How Stamp duty will change March 24, 2010 On market with Foxtons for £249,999 Stamp Duty payable before budget: £2,499 Stamp Duty payable by first-time buyers now : Zero On market with Foxtons for £1,050,000 Stamp Duty payable now: £42,000 Stamp Duty payable as from April 2011: £55,125
Tax evaders face harsh fines March 24, 2010 THE government outlined intentions to raise £500m in tax revenues yesterday by imposing a heavy penalty on evasion, at the same time announcing it was to sign information exchange agreements with a trio of countries. Chancellor Alistair Darling detailed plans of implementing a 200 per cent tax penalty on Britons found guilty of using offshore [...]
Property gets a boost from duty changes March 24, 2010 THE government yesterday handed first-time home buyers a boost by scrapping stamp duty for houses costing less than £250,000 for two years in a measure that will be paid for by those at the higher end of the property ladder. Chancellor Alistair Darling has increased stamp duty on houses worth £1m or more from four [...]
New 50p phone tax to pay for faster web access March 24, 2010 Chancellor Alistair Darling said yesterday that every telephone landline in the country will be subject to a monthly 50p tax to pay for faster internet access from October. The move was first unveiled as part of last year’s Digital Britain report and is expected to raise £175m a year to provide 50Mb per second broadband [...]
Cider proves bad apple of Darling’s eye March 24, 2010 CIDER drinkers will bear the brunt of the chancellor’s latest “sin” tax swoop, after Alistair Darling yesterday said the drink had enjoyed a disproportionately lengthy tax holiday. From midnight on Sunday, cider will face a tax increase of 10 per cent above inflation, a move the chancellor said would address a “long-standing anomaly which has [...]
Magistrates courts hit by closures March 24, 2010 TWENTY Magistrates Courts are due to be closed as part of a cost-cutting programme expected to save the Ministry of Justice (MOJ) £360m. The MOJ detailed plans of the closures yesterday as part of its contribution to an £11bn savings plan introduced by the government. Justice secretary Jack Straw said: “Due to the low utilisation [...]
Entrepreneurs sceptical of plans to help small businesses March 24, 2010 THE Government yesterday announced a range of promises designed to stimulate growth for entrepreneurs and small businesses. Its £2.5bn growth package includes a range of tax breaks and cuts in business rates as well as a commitment to the freeing up of credit. To aid what Darling calls “fledgling businesses”, as well as existing ones, [...]
City workers slam class war Budget March 24, 2010 THE City was left unconvinced by yesterday’s Budget, slamming Darling for failing to provide a clear outline on how the government was planning to reduce its huge deficit. Banks were being sent a contradictory message, critics said, pointing out that Darling has asked nationalised banks such as Lloyds and the Royal Bank of Scotland to [...]