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, [...]
City plays down living wage cost fears but hospitality industry could struggle July 9, 2015 Analysts predicted yesterday that UK retailers would largely dodge the effects of the new national living wage but warned the leisure and hospitality industry would face tough times. In a surprise move on Wednesday George Osborne announced a new minimum wage of £7.20 per hour from April next year for workers over the age of [...]
July Budget 2015: From the pensions expert to the PwC economist, reactions to the chancellor’s statement July 9, 2015 THE BUSINESS GROUP Confederation of British Industry director general John Cridland Firms will welcome measures to boost investment but will be worried about paying living wage. “This is a double edged Budget for business. Firms will welcome measures to balance the books and boost investment, but they will be concerned by legislating for wage increases [...]
July Budget 2015 at a glance: From a new tax-free dividend allowance to the raid on buy-to-let landlords and new inheritance tax rules July 8, 2015 The chancellor outlined £12bn of welfare cuts, introduced new inheritance tax rules & vowed to crack down on tax avoidance. UK ECONOMIC OUTLOOK ● The UK is expected to be the fastest-growing advanced economy again this year. The Office for Budget Responsibility (OBR) expects the economy to grow by 2.4 per cent in [...]
July Budget 2015: Living wage bill hurts retailers and small firms July 8, 2015 Retail and hospitality industry insiders warned yesterday that their sectors face a huge rise in labour costs after a Tory pledge to introduce a minimum wage of £9 for over-25s by 2020. From April next year, businesses will be required to pay £7.20 per hour to workers over the age of 25, rising 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: George Osborne cuts corporation tax and bank levy as he tells firms “Britain is open for business” July 8, 2015 George Osborne has made his case for keeping large corporations in the UK after he slashed corporation tax and the bank levy during the first all-Conservative Budget speech since 1996. In a Budget designed to "show the world the UK is open for business", the chancellor cut corporation tax to 18 per cent, as well as [...]
July Budget 2015: George Osborne announces pay rise for Britons with “national living wage” July 8, 2015 Chancellor George Osborne has said he will introduce a compulsory "national living wage" for people aged over 25 as part of his July Budget. Osborne said today that the new "national living wage" will start next April at the rate of £7.20 per hour, before rising to £9 an hour by 2020. He said it means [...]
July Budget 2015: Every key policy announced today July 8, 2015 George Osborne revealed the first Budget of the government, including policy changes on everything from pensions and inheritance tax to bank levies and the Northern Powerhouse. Here we round up all the essential points from the Red Box. 1. A surplus will be reached by 2019 Osborne pledged to reduce the deficit by [...]
July Budget 2015: From a new living wage to cutting the bank levy, the key policies that will affect UK businesses July 8, 2015 Today was Britain's first Conservative-only Budget in almost 20 years, and in it chancellor George Osborne revealed a series of policy changes that will affect UK companies Here are the key announcements he made in the business-friendly budget, and what they mean for the UK's companies. Cut to corporation tax The amount of corporation [...]