Budget 2015: Banks bear brunt of pre-election tax increases March 18, 2015 Britain’s banks were targeted yet again for a tax raid yesterday, as the chancellor hit them with the biggest tax hike of any sector. George Osborne increased the bank levy for the ninth time since it was introduced in 2011, in a move which will raise an extra £4.4bn in five years. The tax, which [...]
Lloyds share sell-off accelerates and even RBS could be sold soon March 18, 2015 THE PRIVATISATION of Lloyds will take a step closer in the coming year as George Osborne pledged to sell off another £9bn of shares. The Treasury has already cut its holding in the lender from 41 per cent to less than 23 per cent, and this sale could bring the state’s stake to below 10 per [...]
North Sea firms’ complaints answered with new regime March 18, 2015 OIL FIRMS operating in the North Sea have been thrown a £1.3bn support package in order to help them stay afloat. Months of falling oil prices have taken their toll on companies in the region, and yesterday George Osborne answered the industry’s pleas to reduce the tax burden on North Sea operators. The supplementary charge, [...]
Budget 2015: Britain’s savers rewarded with new tax breaks March 18, 2015 Savers are to be rewarded with a new personal savers allowance, which the Treasury said would take 95 per cent of taxpayers out of savings tax altogether. In a nod to the difficulties imposed on savers by unimpressive interest rates, the chancellor has introduced an allowance of £1,000 of interest earned on savings. Those whose [...]
Budget 2015: Boozers set for a boost with cuts to beer, cider and Scotch duties March 18, 2015 Britain’s publicans raised a toast after further cuts to alcohol duties were announced in the 2015 Budget. With 1p off a pint and two per cent off cider duty, it marks the third year in a row duties have been cut. However, Britain’s budding wine growers will be disappointed as their duty was frozen. Ernst [...]
Self-employed workers to save £143 annually after NIC overhaul March 18, 2015 SELF-EMPLOYED workers will save an average of £143 a year under plans to abolish a form of national insurance contribution (NIC) paid by people who work for themselves. Class 2 National Insurance, which costs £2.75 a week for workers who make profits of over £5,885 a year, will be swept away in the next parliament [...]
Budget 2015: Reactions to the chancellor’s statement March 18, 2015 THE BUSINESS GROUP Confederation of British Industry director generalJohn Cridland The Budget provides a clear plan for fiscal health and growth and will help businesses create jobs. “Stability and consistency are what businesses need to grow and prosper. This Budget sets the tone, providing a clear plan for fiscal health and growth. [...]
Chancellor bats away Labour’s 1930s claims March 18, 2015 CLAIMS that a Conservative-led government will take state spending back to 1930s levels were shot down yesterday as Osborne announced austerity would end sharply at the end of the next parliament. The claim had been disputed by economists who questioned the calculations and comparisons behind it. Nonetheless, it had been repeatedly made by Labour in [...]
Budget 2015: George Osborne has discovered his mojo March 18, 2015 George Osborne has long been considered a cunning political strategist – in some circles, at least. Personally, for a long time, I found that argument difficult to accept. His first few Budgets hardly showed signs of high-level Westminster acumen. The debut of 2010 was inevitably tough, confirming an unpopular hike in VAT. The next prompted [...]
Bookmakers hit with licence shake up March 18, 2015 A NEW Racing Right will see UK bookies forced to pay for a licence when taking bets for horse races, the chancellor said yesterday. The new rule will require bookies to pay for a licence to take bets on horse racing no matter where they are located. Bookies criticised the rule, saying it would be mired [...]
