Golden rule replaced by fiscal mandate as OBR cuts short-term growth forecasts June 22, 2010 GORDON BROWN’S golden rule was yesterday scrapped by chancellor George Osborne, who introduced a new forward-looking fiscal mandate and a supplementary debt target. Osborne announced that the structural current deficit should be in balance in the final year of the five-year forecast period, which is 2015-16 in this Budget. He said that the mandate’s structural [...]
THE BANK TAX EXPLAINED June 22, 2010 Q.WHICH INSTITUTIONS WILL THE TAX APPLY TO? A.The levy will be based on the balance sheets of UK?banks and building societies, the UK branches of foreign banks and the foreign branches of UK banks. For example, Société Générale’s operation in London will be hit the same as Barclays Capital’s unit in Paris. Q.WHY IS THE [...]
Double taxes give City a wake up call June 22, 2010 CHANCELLOR George Osborne’s regular bank levy had been anticipated by bulge bracket firms, but City figures nonetheless urged the government to clarify its geographic scope. In particular, banks and accountants were concerned at the prospect of double taxation if France and Germany bring in their own tolls. Rod Roman of Ernst & Young said: “A [...]
High earners see pensions relief slashed June 22, 2010 HIGH EARNERS remain in the dark over how much they will be able to invest for their retirement following yesterday’s emergency Budget. Chancellor George Osborne scrapped new rules due to come into force from April next year – which would have slashed pension tax relief to 20 per cent from 40 per cent for those [...]
Poorest gain but wealthy are hit by rise in tax threshold June 22, 2010 George Osborne raised the income tax threshold to £7,475 from £6,475 pounds in his emergency Budget yesterday. He also lowered the threshold for the 40 per cent rate of income tax by £1,500 from £43,875 to £42,375 from next April. The move means 880,000 low income earners will escape income tax altogether and a further [...]
Forget Terry talk, now it’s down to business June 22, 2010 ENGLAND boss Fabio Capello says he never contemplated dropping John Terry over his infamous outburst, insisting his relationship with his players is “really good” ahead of the crunch World Cup decider with Slovenia. The Italian claimed Terry had made a “big mistake” after the Chelsea captain had aired grievances in public following England’s poor start [...]
Osborne’s axe falls on the welfare state as Treasury targets £11bn June 22, 2010 CHANCELLOR George Osborne wielded the axe at the welfare state in a bid to cut £11bn from the welfare state by the end of this parliament. In a move that places strain on the Liberal Democrat members of the coalition, Osborne warned Britain’s spiralling welfare bill would bite £192bn out of the nation’s income by [...]
PERMUTATIONS: HOW DRAWING LOTS MAY DECIDE FATE June 22, 2010 Q. WHAT DO ENGLAND NEED TO DO TO GO THROUGH? A.A win would guarantee their progress to the last 16, although not necessarily in first place. England could theoretically scrape through with a draw, but they would need Algeria to hold USA to a draw – and then it starts to get complicated. Q. HOW [...]
Fabio has to use players in best positions June 22, 2010 PEOPLE say, ‘international players should be able to play in any position’. That is simply not the case. If you are a central midfielder week in, week out, then you will immediately be up against it if asked to play on the left wing, against a right back who knows his job and is a [...]
WHAT DOES THE CHANCELLOR’S BUDGET MEAN FOR YOU? June 22, 2010 KATE SOLWAY, 30 FUNDS CONTROLLER AT PRIVATE EQUITY FIRM COGNETAS Kate is single and lives in rented accommodation. She also owns two investment properties – one a London flat with a mortgage which she rents out, and the other a holiday home under construction in west Africa’s Cape Verde, on which she does not have [...]
