Youth job plan may hit older workers November 29, 2011 YOUNG jobseekers are to receive £1bn of extra help over the next five years from George Osborne’s new “youth contract” – but the Office of Budget Responsibility (OBR) believes the measure will fail to bring down overall joblessness. Those aged between 18 and 24 will get more time with advisers at Jobcentre Plus, will sign [...]
2011 borrowing total up £11bn on revised growth November 29, 2011 THE UK will have to up its borrowing targets this year on reduced forecasts, Treasury figures out yesterday revealed. Gilt issuance will now hit £178.9bn for 2011/12, up £11.4bn on April’s estimates. More shorter-dated Treasury bills will also be issued, with an extra £2.4bn taking the total to £63.2bn. The proportion issued at each maturity is [...]
A shot in the arm for road and rail work November 29, 2011 THE TREASURY is to team up with pension funds in an attempt to kick-start the economy with a £30bn investment in Britain’s infrastructure. George Osborne said the government is targeting £20bn of investment from insurers, pension funds and infrastructure fund managers, and two groups have already signed a memo of understanding. The chancellor said a [...]
ANALYSIS l SOME OF THE PROJECTS November 29, 2011 SCOTLAND ■ Rail, roads, local transport, water, flood and waste powers all devolved Edinburgh: Super-connected city funding NORTHERN IRELAND ■ Transport, energy, water, flood and waste powers all devolved ■ Belfast: Super-connected city funding NORTH WEST ■ Mersey Gateway Bridge ■ Manchester Cross City Bus ■ Reinstating Todmorden Curve WEST MIDLANDS ■ Evesham Bridge Maintenance [...]
Some relief for commuters after rail fare hikes are scaled back for a year November 29, 2011 COMMUTERS were given some relief from looming price hikes, as the chancellor pledged to cap fare rises at 6.2 per cent in January. George Osborne said rail fares would rise at one per cent above the retail price index measure of inflation, down from the three per cent previously announced. He said the government “recognises [...]
Fuel tax break for drivers but air passengers left out November 29, 2011 MOTORISTS were one of the winning groups in Osborne’s speech, being told that fuel duty will be frozen in January and a planned rise pushed back to August. In a move intended to give relief to households who have a car as a necessity rather than a luxury, the chancellor said a 3.02p hike has [...]
INFRASTRUCTURE WORK AT A GLANCE November 29, 2011 ● NORTHERN LINE EXTENSION Plans to extend the Northern Line were given a boost by the chancellor, who said the government will support work to extend the line to Battersea. Also, providing a developer can be found by April 2013, it will consider allowing the Mayor of London to borrow against future tax takings to [...]
UK gets broadband boost November 29, 2011 George Osborne yesterday announced plans to build a superfast broadband network spanning 10 cities across the UK. The chancellor said £100m in extra funds will be made available to ensure the UK is not left behind by rapidly developing countries like Brazil and China. London, Cardiff, Belfast and Edinburgh will be included in the plans [...]
Banks, businesses and unions give their views on the Autumn Statement November 29, 2011 THE BRITISH BANKERS’ ASSOCIATION The BBA is the leading trade association for the UK banking and financial services sector, speaking for over 200 member banks DIRECTOR GENERAL ANGELA KNIGHT “This Autumn Statement makes a serious addition to the large sums already being lent to the business community by the banks. With the Eurozone crisis putting [...]
Chancellor gives industry £250m to mitigate climate change taxes November 29, 2011 THE GOVERNMENT is handing £250m of compensation to energy-intensive companies, as it seeks to offset the impact of billions of pounds worth of new green taxes, the chancellor announced yesterday. As first revealed in City A.M. last month, George Osborne agreed to hand the compensation to firms who use lots of energy, after they warned [...]
