Business received more than it hoped for in this year’s Autumn Statement December 7, 2014 It may not be as exciting as an iPad or as romantic as jewellery, but George Osborne’s Autumn Statement last week was in many ways business’s equivalent of Christmas, with rewards for some – and coal for others. On the whole, however, the picture for the City was positive, with action proposed for some of [...]
As Premier Foods is criticised, should the state take action against “pay and stay” practices? December 7, 2014 Toby Perkins is shadow business minister, says Yes. If we are to build a strong economy which works fairly, we need businesses of all sizes to thrive. Unfair business practices threaten the recovery by undermining free and fair markets. Firms always have a right to negotiate for better prices, but the Premier Foods approach takes [...]
Exports have become a political football: We must change the way we look at trade December 4, 2014 LARGELY missing from the debate surrounding the Autumn Statement was a discussion of exports and the UK’s trade picture more generally. Ed Balls got in a brief ribbing about the supposedly stunted performance of UK exports and the progress to date in achieving the government’s aim of an “export-led recovery”. And the package of help [...]
Autumn Statement 2014: George Osborne’s stamp duty reform is a smack in the face for London – and hard-working strivers December 4, 2014 Midnight, 3 December 2014 is a date to celebrate for UK home buyers. Anyone purchasing a property worth less than £937,500 is now paying less tax. The chancellor’s move to scrap the invidious slab-style stamp duty land tax (SDLT) regime, introduced by Labour in 2000, and to transform it into a graduated tax, is a [...]
The future of savings lies beyond the jaded state guarantee on deposits December 4, 2014 COINCIDING with a celebrity-laden advertising campaign to boost awareness, the Financial Services Compensation Scheme (FSCS) marked its thirteenth birthday this week. The scheme, which guarantees deposits in authorised banks and building societies of up to £85,000 per individual per institution, has also received official attention of late. The Bank of England, recognising the FSCS’s limitations, [...]
As the ECB “steps up” stimulus plans, will it do enough to prevent a Eurozone recession? December 4, 2014 Azad Zangana, European economist at Schroders, says Yes. The 2015 outlook for the Eurozone is precarious. Governments are continuing with austerity, while business surveys suggest a downturn is on the horizon. Markets are demanding the European Central Bank (ECB) adds QE to the measures already being used. Despite German resistance, president Mario Draghi has stated [...]
Autumn Statement 2014: George Osborne’s wizard wheezes don’t mask his total failure to eliminate the deficit December 3, 2014 I said that I would eliminate the budget deficit in this Parliament. I have failed to do so. It’s actually going to take me about 10 years rather than five. So, I’d be most grateful if you could re-elect me next May to let me finish the job at the snail’s pace I have now [...]
Autumn Statement 2014: Overdoing austerity would be self-defeating – don’t expect balanced budgets soon December 3, 2014 The chancellor issued his election manifesto yesterday, in the form of the Autumn Statement. And the good news for him is that the economic narrative is strong. GDP is now some 3.4 per cent above where it was before the crisis; we have been growing faster than any of our developed competitors. The Office for [...]
The chancellor’s balancing act has set the tone for tight fiscal restraint in the next Parliament December 3, 2014 DESPITE higher short-term borrowing, the chancellor presented an Autumn Statement in which the deficit is back on track over the medium term and a surplus is achieved by the end of the next Parliament. At the same time, he announced some selective tax reductions aimed at helping individuals and smaller businesses, while making commitments earlier [...]
Are Osborne’s reforms to stamp duty welcome news for the UK? December 3, 2014 Rory Meakin, research fellow at the TaxPayers’ Alliance, says Yes. Finally! Yesterday, the chancellor at last ditched the awful “slab” rate structure for stamp duty on homes. Higher rates now only apply to the amount over the tax’s thresholds, instead of the whole purchase price. Stamp duty starts at £125,000. If you bought a home [...]