Rationale of bank surcharge under fire as IFS think tank blasts George Osborne’s 2015 July Budget July 9, 2015 A leading think tank has criticised the volatility of the UK’s bank levy and the thinking behind a new bank surcharge as part of a wider assault on what it described as a “deeply disappointing” Budget. There would have been 13 different bank levy rates in 10 years by 2020 under Wednesday’s Budget plans, [...]
George Osborne’s productivity plan: Tories promise housebuilding boom to lift economy July 9, 2015 Chancellor George Osborne will today put housebuilding at the centre of his plans to reverse Britain’s poor rates of productivity. Alongside business secretary Sajid Javid, Osborne will argue that “sweeping new changes to planning laws” can boost productivity by allowing people to live – and businesses to be located – in more efficient areas. The [...]
How can George Osborne revive UK productivity? Reform regulation and the public sector July 9, 2015 In Wednesday’s Budget, George Osborne announced that he would publish a Productivity Plan today. After growing by about 2 per cent a year for many decades, the UK’s productivity growth appears to have come to a juddering halt since the financial crisis. So what should be in the plan – in addition to the measures [...]
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: 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: Are you an entrepreneur, an apprentice or a single parent? What does George Osborne’s statement mean for you? July 8, 2015 THE SINGLE PARENT Catherine Gannon, 51Managing partner at law firm Gannons Gannons Commercial Law continues to do well, with profits and earnings up on last year. Catherine is commercially savvy and has restructured the business from an LLP to a limited company, illustrating that she is a smart operator in a segmented legal [...]
July Budget 2015: George Osborne cuts benefits and the family tax credit July 8, 2015 Chancellor of the exchequer George Osborne announced major cuts to welfare spending yesterday, using the summer Budget to set out how he planned to save the Treasury a further £12bn in the next three years. The chancellor said that his Budget was designed to take Britain "from a low wage, high tax, high welfare [...]
July Budget 2015: George Osborne embraced political cunning at the expense of economic prudence July 8, 2015 On the one hand, this was the first fully Conservative Budget in nearly two decades. On the other hand, it is effectively George Osborne’s third Budget in just eight months. He has become a master magician at the politics of presentation. Almost every sentence was crafted to confound and confuse the Labour opposition or to [...]
July Budget 2015: Will George Osborne’s new national living wage hit the number of people in work? July 8, 2015 Sam Bowman, deputy director of the Adam Smith Institute, says Yes. There is lots of research into what the minimum wage does to jobs. Of the 103 papers reviewed by economists David Neumark and William Wascher in a 2006 study, most of them showed that raising the minimum wage reduces long-term employment. Of the 33 [...]
July Budget 2015: Shares dive for green energy firms as Osborne scraps tax exemption July 8, 2015 In today's Budget, chancellor George Osborne announced that the government is scrapping a green tax exemption enjoyed by renewable energy companies since 2001. Read more: George Osborne cuts corporation tax and bank levy as he tells firms "Britain is open for business" Currently, tax is not paid on renewable electricity supplied to businesses under renewable [...]