Housebuilders in £150m boon March 21, 2012 HOUSEBUILDERS were among the biggest risers in the FTSE yesterday after the chancellor said the Get Britain Building fund, which provides upfront finance to construction companies, would be expanded. Shares in Barratt Development jumped 4.42 per cent while Bovis Homes’ shares closed 3.84 per cent higher as the government announced it will increase the fund [...]
Development rules set to be streamlined in 2012 March 21, 2012 NEW guidelines designed to streamline the development process will be published next Tuesday and come into effect immediately. The National Planning Policy Framework (NPPF), developed by communities secretary Eric Pickles and planning minister Greg Clark, aims to boost the economy by introducing a presumption in favour of sustainable development. George Osborne was triumphant over the [...]
Privatised roads could be on the way as chancellor confirms plan to reform March 21, 2012 THE CHANCELLOR confirmed that he will look into privatising some of Britain’s roads, weeks after the plan first leaked. The coalition will reveal in this year’s Autumn Statement whether it plans “to go further” with a scheme for “new ownership and financing model for the national road network”. Osborne said he would be “learning lessons [...]
Carbon reduction scheme faces axe if reform fails March 21, 2012 THE GOVERNMENT may adopt an alternative environmental tax to replace its scheme to cut corporate energy use if it cannot reduce the scheme’s red tape and admin costs, chancellor George Osborne said in his Budget statement. The so-called Carbon Reduction Commitment (CRC) was devised under the Labour government but was yesterday slammed as “cumbersome” and [...]
Fitch: Budget has no impact on UK’s AAA rating March 21, 2012 Fitch Ratings said Britain’s latest budget proposals show commitment to its existing deficit reduction strategy and do not impact its AAA credit rating. “As expected, the announcement did not contain unfunded tax and spending measures while the updated economic and fiscal forecasts are marginally better than forecast in the Autumn Statement,” Fitch said. “However, the [...]
FTSE posts slim gain after Budget March 21, 2012 London’s blue chip index posted a marginal gain on closing after a volatile session as strength in market heavyweight Vodafone countered weaker commodity stocks hit by below par US data which revived concerns over demand for metals. The UK blue chip index closed up 0.54 points, or 0.01 per cent, at 5,891.95, surrendering a 0.3 [...]
Insurer Hardy accepts £143m offer from CNA Financial March 21, 2012 Lloyd’s of London insurer Hardy Underwriting said it had accepted a 280 pence per share cash takeover offer from US rival CNA Financial, valuing it at about £143m. “The Board believes that CNA’s offer represents the most attractive outcome for our shareholders and will enhance Hardy’s business,” Hardy Chairman David Mann said in a statement. [...]
Bank Levy hike offset by corporation tax cut March 21, 2012 Britain’s banks will not end up paying higher taxes overall as a result of the Budget, as the government’s planned hike to the bank levy will be offset by a cut in corporation tax, the British Bankers’ Association (BBA) said. Chancellor George Osborne said in his Budget speech on Wednesday that he would increase the [...]
Chancellor moves to boost North Sea investment March 21, 2012 Chancellor George Osborne unveiled in his budget plans to boost investment in the North Sea, giving oil firms certainty on the level of tax relief they will receive when they dismantle pipelines and platforms and introducing new tax breaks for some projects. Chancellor George Osborne said in his annual budget on Wednesday Britain will agree [...]
Top tax rate to be cut to 45p March 21, 2012 Chancellor George Osborne announced that the top rate of tax would be cut from 50p to 45p from April next year, in his Budget speech. He said the rate – for those earning over £150,000 a year – is the highest in the G20 and “it is widely acknowledged as harming the British economy.” The [...]