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 [...]
First Minister’s Questions: Scottish government brands Osborne’s budget cuts “unacceptable” June 11, 2015 John Swinney, deputy first minister of Scotland, has said that austerity measures proposed by George Osborne are "utterly unacceptable". Mr Swinney said that he believes the chancellor's budget reductions are unacceptable, urging Osborne to reconsider and find alternatives. Earlier, George Osborne announced that £3bn of savings would have to be made for this financial year. [...]
Labour’s Liz Kendall has “no problem” with a budget surplus June 11, 2015 Labour leadership candidate Liz Kendall has said she has "no problem" with aiming for a budget surplus, a policy the government wants to enshrine in law, which commentators say is a political move designed to pressure the Labour party. Read more: UK budget since 1986: There has been deficits for 22 of 30 years "Labour should [...]
George Osborne to mandate government budget surplus in the “good times” – but when was the last budget surplus? June 10, 2015 George Osborne will say tonight that he intends to force future governments to run a budget surplus in order to "prepare for an uncertain future". In a major speech in the City of London tonight, the chancellor will announce that he will enshrine in law the need for future governments to run an overall budget [...]
Mansion House speech: George Osborne says budget surplus will be a legal mandate June 9, 2015 Chancellor of the Exchequer George Osborne will use a major speech in the City tonight to introduce a new law requiring future governments to run an overall budget surplus. “The result of this recent British election, and the comprehensive rejection of those who argued for more borrowing and more spending, gives our nation the [...]
One chart showing which government departments will face the biggest cuts June 4, 2015 The government on Thursday announced it will be making £4.5bn in cuts in an effort to bring down the nation’s debt. Part of the savings will be made by selling of the remaining 30 per cent of Royal Mail, but much will come from departments. £2.7bn (and a further £345,000,000 from the Kings cross property [...]
Queen’s Speech 2015: Let’s hope the Tories are saving the radicalism for the Budget May 27, 2015 We were told we’d never see such a sight again. Majorities were a thing of the past, they said, and coalition politics was here to stay. And yet there it was yesterday – resplendent in all the finery and pageantry that the British state can muster – a legislative programme for a majority Tory government. [...]
Moody’s doubts government’s ability to meet its deficit targets May 26, 2015 Credit ratings agency Moody's has questioned the speed by which the new government will be able to shrink its gnawing budget deficit. "We expect the budget deficit to decline continuously over the coming years, a credit positive," Moody's said. "However, we also believe that the pace of adjustment might be somewhat slower than the government [...]