George Osborne’s challenge: Will he make his mark as a tax reformer? July 2, 2015 Next week’s Budget is a big opportunity for George Osborne – now he’s able to shape public spending and tax policy free of the constraints of coalition politics. One of his Budget themes should be tax reform. In the 70 years since the end of the Second World War, there have been 22 chancellors of [...]
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 [...]
George Osborne’s marginal revolution: Why Britain’s top rate of tax is unsustainable July 1, 2015 The so-called marginal revolution in economics occurred in the nineteenth century. George Osborne’s marginal revolution in taxation needs to start next Wednesday, with decisive steps towards a more sensible tax system. In many ways, next week’s Budget will reveal the real Osborne. Freed from the shackles of coalition politics, will we see a markedly free [...]
Airports Commission report: We’ll decide on Heathrow third runway by the end of the year, says David Cameron July 1, 2015 The government will decide whether to accept a recommendation by the Airports Commission, led by Sir Howard Davies, to increase capacity at Heathrow airport by building a third runway "by the end of the year", the Prime Minister said today. Read more: Here's what the third runway will actually look like Although David Cameron ducked [...]
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 [...]
Greek debt crisis: George Osborne vows to help British pensioners, businesses and holiday makers June 29, 2015 Chancellor George Osborne has said that the government will protect British pensioners, businesses and holiday makers who stand to lose money in the ongoing Greek debt crisis. In a special statement to the House of Commons yesterday, Osborne said that Britain is “prepared” in a “rapidly changing situation”. “Britain’s attitude to the developing [...]
Chancellor George Osborne says no-one should underestimate the impact of a Greek exit from the Eurozone June 29, 2015 George Osborne has reiterated Britain’s attitude regarding Greece is to “hope for the best, but plan for the worst,” in a speech to the House of Commons. The chancellor told MPs no-one should understate the "impact a Greek exit from euro would have on the European economy and the knock-on effects on us." This is [...]
US Treasury secretary Jack Lew urges an agreement as Greek drama continues June 23, 2015 The United States has heaped on the pressure for a deal between Greece and its creditors with Jack Lew, the US treasury Secretary, holding phone calls with Greek Prime Minister Alexis Tsipras to push for an agreement in a “delicate” situation. "The Prime Minister had a phone conversation with US Treasury secretary Jack Lew in [...]
Lloyds Banking Group share price dips as government slashes its stake June 23, 2015 Shares in Lloyds Banking Group dipped to 86.9p this morning after it emerged the government had cut its stake in the bailed-out bank to less than 17 per cent. This could be among the final tranches of shares sold to institutional investors: chancellor George Osborne has said the government was planning to wrap up its current [...]
David Cameron pledges tax credit reform as part of government’s drive to cut £12bn from welfare budget June 22, 2015 Tax credits are under fire as part of the government’s pledge to eliminate £12bn from the welfare budget, with David Cameron insisting Britain must not continue with the current “merry-go-round” system. The speech, in Cheshire, will attack the system introduced by Tony Blair’s Labour government, whereby low paid workers will have money taken in tax [...]