Institute of Fiscal Studies: “This was not the Budget of a tax reforming chancellor” July 9, 2015 Welfare cuts stole the limelight in the July Budget, but tax changes were more numerous and bigger, said Paul Johnson, director of the Institute for Fiscal Studies. While there were £14bn of tax increases in the budget, against £8bn of tax cuts, “it is rather hard to pin down a coherent narrative around the changes,” [...]
July Budget 2015: Is it too early to get excited about the government’s “northern powerhouse” plans? July 9, 2015 In his Summer Budget announcement, chancellor George Osborne made no apologies for highlighting the point that the Conservatives have boldly done something that previous governments haven’t been able (or possibly willing) to do – addressing the huge gap between the North and South. Making several references to the government’s "northern powerhouse’ plans, the chancellor confirmed [...]
Conservative MP: “Ring-fencing pensioners is a departure from the financial reality” July 9, 2015 George Osborne’s decision to ring-fence pensioners is a departure from financial reality, according to Conservative MP Philip Lee. Speaking at a post-Budget briefing hosted by the Taxpayers' Alliance and the Institute of Economic Affairs, Lee said by pushing the burden of deficit completely away from pensioners, the chancellor is “sending the wrong message.” Debt was [...]
July Budget 2015: IFA Hargreaves Lansdown offers 10 tips for investors to navigate new dividend rules carefully July 9, 2015 Yesterday's Budget included a significant shake up of the way dividends are taxed. Instead of the current tax credit, from next April investors will receive a £5,000 allowance after which dividends will be taxed at 7.5 per cent, 32.5 per cent, or 38.1 per cent depending on their income tax band. Isa and pension [...]
July Budget 2015: Transport for the North promises shorter train journey times and cheaper fares as high speed rail will drive Northern Powerhouse July 9, 2015 Slashed travel times between northern cities will cheer commuters, as new transport body Transport for the North gives a boost to George Osborne’s Northern Powerhouse project. But how exactly will the new and improved transport system work? And how much time will you save? This handy map and the charts below show how much shorter [...]
July Budget 2015: Chancellor George Osborne hits back at “anti-business” critics July 9, 2015 The chancellor has hit out at claims yesterday's Budget will hit small businesses, saying it offered the UK a "new contract". Read more: At a glance – July Budget 2015 In an interview on Radio 4 this morning, George Osborne said the new Living Wage was a "fair deal" for taxpayers. Labour has slammed the Living [...]
July Budget 2015: Where does the government spend its money? July 9, 2015 In Wednesday’s budget, George Osborne announced a range of cuts, as he said the biggest mistake Britain could make would be to consider a half-finished recovery a job well done. He announced cuts of £37bn by 2020, including £12bn of welfare cuts and a £20bn reduction in departmental budgets. But where is the fat to [...]
July Budget 2015: From the pensions expert to the PwC economist, reactions to the chancellor’s statement July 9, 2015 THE BUSINESS GROUP Confederation of British Industry director general John Cridland Firms will welcome measures to boost investment but will be worried about paying living wage. “This is a double edged Budget for business. Firms will welcome measures to balance the books and boost investment, but they will be concerned by legislating for wage increases [...]
July Budget 2015: George Osborne pledges lowest corporation tax in G20 but new bank tax hits UK small lenders July 8, 2015 Chancellor pledges lowest corporation tax in the G20 – but casts punitive net over the UK’s small lenders Chancellor George Osborne ushered in a new tax regime for British banks yesterday, dialling down the controversial bank levy while introducing a new corporation tax surcharge for the entire lending industry. In a summer Budget that the [...]
July Budget 2015 at a glance: From a new tax-free dividend allowance to the raid on buy-to-let landlords and new inheritance tax rules July 8, 2015 The chancellor outlined £12bn of welfare cuts, introduced new inheritance tax rules & vowed to crack down on tax avoidance. UK ECONOMIC OUTLOOK ● The UK is expected to be the fastest-growing advanced economy again this year. The Office for Budget Responsibility (OBR) expects the economy to grow by 2.4 per cent in [...]