We don’t agree with the Tories on everything, Cable warns December 3, 2014 LIBERAL Democrat business secretary Vince Cable warned yesterday that his party does not agree with its coalition partner on how to cut the deficit in the next parliament. In the wake of the Autumn Statement, which saw chancellor George Osborne announce a sweeping overhaul of stamp duty tax, Cable called on the Office for Budget Responsibility [...]
North can keep shale tax receipts December 3, 2014 COMMUNITIES in the north of England will hold on to tax receipts generated by shale gas exploration in their region, the chancellor announced yesterday. George Osborne announced a long-term investment fund for regions affected by shale work as part of his plans for a northern powerhouse, to ensure “the shale gas resources of the north [...]
Autumn Statement 2014: Northern Ireland to control own corporation tax if talks go well December 3, 2014 Northern Ireland will be permitted to set its own corporation tax rate as long as the nation proves it can manage the financial implications of the change, the chancellor announced yesterday. Following weeks of intense talks, George Osborne signalled that if talks go well, Northern Ireland will be free to cut its corporation tax level [...]
Autumn Statement 2014: Google Tax set to raise £1bn from companies shifting profits overseas December 3, 2014 Starbucks, Apple and Google will pay higher UK taxes under a new tax that looks to stem the tide of multinational companies shifting profits to overseas tax havens. The Diverted Profits Tax, already dubbed the Google Tax, is set to raise over £1bn over the next five years by applying a 25 per cent tax [...]
Airlines call for duty cuts on all tickets December 3, 2014 AIRLINES yesterday called for Air Passenger Duty (APD) to be abolished, and welcomed news that the duty on economy tickets for children under 12 will be removed from 1 May 2015. The measure was announced as part of George Osborne’s Autumn Statement, and he also pledged to extend the exemption to include children under 16 [...]
New measures offer boost to small business December 3, 2014 THE UK’s small businesses and entrepreneurs were heartened yesterday after a series of policy measures were announced aimed at providing them with better access to funding and investment support. In the Autumn statement yesterday, the chancellor announced the government would provide further funding for the Enterprise Finance Guarantee to facilitate up to £500m of new [...]
Tobacco firms may pay through the nose for harm from smoking December 3, 2014 THE TOBACCO industry may be forced to pay millions of pounds more in tax if the government backs a new levy on manufacturers and importers. Chancellor George Osborne yesterday said the government will consult on how tobacco firms could repay the “costs on society” that smoking brings. “Smoking imposes costs on society, and the government [...]
Fuel duty freeze welcomed but oil firms call for more support December 3, 2014 FUEL duty remains frozen at 58p per litre for petrol and diesel, the level it has been at since 2011. Yesterday’s Autumn Statement saw George Osborne keep fuel duty at the same rate for the seventh time. He told Parliament: “Despite falling fuel prices let me make this clear: we’ve cut fuel duty and we [...]
Driverless cars given green light in London December 3, 2014 Driverless cars will start roaming the streets of London, Bristol, Coventry, and Milton Keynes from January, as part of government plans to establish “driverless car testbeds” backed by £19m in state funding. Google has led the charge with driverless car trials in the US, but yesterday’s announcement is aimed at keeping the UK at the [...]
Autumn Statement 2014: Reactions to George Osborne’s announcement – from the City economist to the property expert December 3, 2014 THE BUSINESS GROUP Confederation of British Industry director general John Cridland Growing firms will benefit from business rates reform. We welcome continued commitment to deficit reduction. “These major changes on stamp duty and business rates will be a shot in the arm for families and growing firms as they look towards 2015. [...]