George Osborne under pressure to tweak bank levy in July Budget July 1, 2015 Self-fulfilling prophecy, wishful thinking, fantasy economics: call it what you will, but the prospect of George Osborne fulfilling the desires of Britain’s banks in next week’s Budget is, to say the least, remote. Misplaced expectations that the chancellor would announce a review – or even the abolition – of the bank levy in his [...]
Why it’s public sector productivity George Osborne should worry about June 30, 2015 Improving the UK’s lagging productivity record is a hot topic among economists and politicians at the moment. Next week, the chancellor is likely to produce a productivity plan alongside his Summer Budget, which is set to find additional savings and enshrine budget surpluses into law, all without raising the rates of income tax, national insurance [...]
Think 45p taxpayers have it hard? The tax system crushes incentives at all levels June 29, 2015 Ahead of next week’s Budget, two former chancellors and 160 Tory MPs are calling for the 45 per cent income tax rate to be reduced to 40 per cent. But for all the political capital devoted to explaining the disincentive effects of a 45 per cent rate, the reality is that many people across the [...]
Up to 160 Conservative MPs want to cut the top rate of income tax to 40 per cent June 29, 2015 Senior Conservatives have said up to 160 MPs want the top rate of income tax taken down to 40p in the next budget, due on 8 July. Read More: Think tank IFS says Labour cannot bank on 50p tax rate to bring in more money This mounts pressure on George Osborne ahead of his first truly Conservative [...]
July Budget 2015: Small business group wants tax reform June 28, 2015 British small businesses are calling on chancellor George Osborne to reform and simplify the tax system in next week’s emergency budget. The Federation of Small Businesses (FSB) has asked the government to “widen the scope of reform to radically simplify the tax system and improve incentives to encourage investment”. The small business group praised the [...]
George Osborne insists £12bn in welfare cuts will go ahead June 22, 2015 Chancellor of the exchequer George Osborne has said that he will push ahead with plans to cut £12bn in welfare spending, despite previous reports that Conservative party campaign promises would be reined in under the new government. Writing with work and pensions secretary Iain Duncan Smith in The Sunday Times, Osborne said that he would [...]
Retailers send George Osborne their budget wish list June 21, 2015 British retailers are calling on the chancellor to eschew the living wage and introduce new measures to boost productivity in next month’s emergency budget. In a new submission to chancellor George Osborne, the British Retail Consortium (BRC) said that it wants the government to “work with the retail industry to ensure that employees are [...]
George Osborne and Iain Duncan Smith promise £12bn cuts to welfare budget June 21, 2015 The government has promised to slash the welfare bill by £12bn each year, the day after tens of thousands of people took to the streets of London to protest against austerity. Chancellor George Osborne and work and pensions secretary Iain Duncan Smith said the cuts would reform "the damaging culture of welfare dependency" and ensure [...]
Budget 2015: Institute of Chartered Accountants says George Osborne should simplify taxes June 15, 2015 The Institute of Chartered Accountants in England and Wales (ICAEW) is calling upon chancellor of the exchequer George Osborne to simplify the tax code in his forthcoming summer Budget. With the Conservative Budget just three weeks away, the ICAEW said today that the government’s previously-announced plans to cut red tape and reduce costs to British [...]
Britain’s ageing population will ruin the budget surplus plan, says OBR June 11, 2015 Britain's ageing population will throw a spanner in the works for George Osborne's new budget Surplus Rule. According to the Office for Budget Responsibility (OBR), a rise in the proportion of people over working age will wipe out surpluses unless changes are made to taxes and spending. Read more: The world's ageing population is [...]