Think tank says Whitehall will face bigger cuts as George Osborne announces £3bn plan for savings and sell-offs June 4, 2015 The Institute for Fiscal Studies has warned that it will be “anything but easy” for the Conservatives to stick to their campaign promises. IFS deputy director Carl Emmerson said yesterday that with underlying pressures set to drive up spending, deeper-than-expected cuts amounting to more than 15 per cent for unprotected Whitehall departments will be needed [...]
Royal Mail share price drops as government announces plans to sell off its remaining stake June 4, 2015 Shares in the Royal Mail fell more than three per cent to 510p in early afternoon trading, after the chancellor said the government will begin selling off its remaining stake in Royal Mail this year. Read more: Royal Mail revenues rise by a measly one per cent During a debate over the contents of the [...]
How to make George Osborne happy: The IMF thinks the UK could live with higher debt “forever” June 3, 2015 Could this be the economic argument George Osborne has been waiting for? Our obsession with clearing the UK's debt could be more trouble than it's worth, according to a new paper published by the IMF. Although high levels of debt are generally viewed as problematic, advanced economies such as the UK's could “simply live [...]
Lloyds share sale sparks Treasury rift as George Osborne ignores warning on value for money June 1, 2015 The Treasury is in disagreement with its own advisers over the sale of shares in Lloyds Bank, as George Osborne seeks to fulfil his General Election pledge to sell a large chunk directly to retail investors. The sale could prove popular, but would also mean selling the shares at a discount – reducing the profit [...]
George Osborne says Britain wants to be in Europe, not run by Europe May 20, 2015 Chancellor George Osborne told business leaders last night that they need to “confront some hard truths about Europe”. In a speech at the pro-European Confederation of British Industry’s annual dinner, Osborne said that the government wants “Britain to be in Europe, not run by Europe.” “The continent is sleepwalking towards a future where it has [...]
New budget 2015: George Osborne uses CBI speech to lay out government plans to tackle the productivity puzzle May 20, 2015 George Osborne offered a glimpse of what to expect at the 8 July budget when he gave a speech to the Confederation of British Industry (CBI) this evening, with productivity a major focus. Also top of the agenda is the merging of the Shareholder Executive – the body that runs the government’s financial interests in [...]
George Osborne CBI speech: Government to merge Shareholder Executive and UK Financial Investments to help return public assets to the private sector May 20, 2015 George Osborne announced this evening that the government is to merge the two bodies that manage the majority of the taxpayer’s stakes in businesses into one company. In a speech to the Confederation of British Industry, the Chancellor said the Shareholder Executive (ShEx) and UK Financial Investments (UKFI) would be made into one holding company, [...]
Whitehall could face 100,000 more job losses as chancellor George Osborne looks to balance the books May 17, 2015 Whitehall could lose up to 100,000 jobs during the next parliament, as part of government targets to wipe £10bn from the civil service's budget by 2020. The £10bn target represents a third of the total needed to be cut from government spending, if the Conservatives are to eliminate the budget deficit by the end of [...]
Chancellor George Osborne to deliver new budget on 8 July May 16, 2015 Chancellor George Osborne has said he will deliver a new budget "for working people" on 8 July following the Conservative's shock electoral win last week. "On the 8th of July I am going to take the unusual step of having a second budget of the year – because I don’t want to wait to turn the promises [...]
Budget 2015: Here’s Britain’s wish list for George Osborne – more spending on NHS, education, tax cuts and transport, slash pensions and benefits for older people May 15, 2015 [infographic id="117"] The British public want the government to spend more on the NHS, education and tax cuts, and slash the cash set aside for welfare and older people's benefits such as pensions, bus passes and the winter fuel allowance by £75bn. George Osborne is expected to announce his second Budget of the year shortly [...]