Osborne’s plans for recovery November 30, 2011 THIS week we’re asking our panel members for their response to chancellor George Osborne’s Autum Statement, in which he outlined his plans to cut the government’s deficit and promote UK growth. We want to know whether you think Osborne’s plans are viable – from the £5bn planned for infrastructure investment and tax breaks for individuals [...]
City A.M.’s at-a-glance guide to the key points of Osborne’s mini-Budget November 29, 2011 UK ECONOMIC OUTLOOK • The Office for Budget Responsibility (OBR) has slashed the growth forecasts it made in March. • Its central forecast for 2011 has been revised down to 0.9 per cent from the 1.7 per cent March prediction. It expects 0.7 per cent year-on-year GDP growth in 2012, instead of 2.5 per cent. [...]
Nation’s ailing start-ups get fresh support November 29, 2011 GEORGE Osborne hopes to stimulate Britain’s flagging economic recovery with yet more measures to encourage wealthy individuals to back start-ups. He will extend the Enterprise Investment Scheme (EIS) to offer income tax relief of 50 per cent to individuals who invest up to £100,000 and to companies which provide backing of up to £150,000. The [...]
Tax breaks for artwork donors November 29, 2011 Wealthy individuals who donate gifts of valuable art to the nation will receive tax breaks, in an estimated £15m per year scheme announced yesterday. Givers of “pre-eminent objects” will be able to claim up to 25 per cent off their income or capital gains tax, up to a limit of £30m annually. The move combines [...]
WHAT DOES THE CHANCELLOR’S BUDGET MEAN FOR YOU? November 29, 2011 PWC’S BUDGET TEAM SAYS: The restricted rises in tube fares will help Catherine’s travel costs and so too will the fuel duty increases being less than expected. The bank levy increase from 1 January 2012 may hit Catherine’s clients in the financial services sector although they will be buoyed by the chancellor George Osborne’s reluctance [...]
Growth revised down – but no recession says Osborne November 29, 2011 Chancellor George Osborne said that the Office for Budget Responsibility (OBR) has revised its growth for 2011 down to 0.9 per cent. The OBR predicts 0.7 per cent growth next year but no recession. In 2013 growth is forecast at 2.1 per cent followed by 2.7 per cent in 2014. The figure is estimated at [...]
Osborne: safe haven status saves £21.5bn November 28, 2011 GEORGE Osborne, the chancellor, will today claim to have saved the taxpayer some £21.5bn in debt interest payments, arguing his deficit reduction plan has kept yields on government bonds at record lows. Osborne is expected to announce the so-called “safe haven dividend” when he delivers his Autumn Statement to the House of Commons this afternoon. It is [...]
EXPECTED ANNOUNCEMENTS November 28, 2011 ● EXTENSION OF FREE CHILDCARE The chancellor is expected to announce £380m a year by 2014-15 to increase the number of two-year-olds eligible for free childcare. Currently, 130,000 two-year-olds are entitled to 15 hours of free childcare a week, but this will increase to 260,000 within four years, equivalent to 60 per cent of two-year-olds from the poorest [...]
Network Rail is on track as its debt soars November 24, 2011 RAIL infrastructure group Network Rail said its debts have jumped, though it remains on track with cost-savings and improvement works. Its debt rose to a whopping £25.7bn in the period, which the group said was “at an expected level” due to capital expenditure and the rising value of its inflation-linked bonds. Around £1.25bn of Network [...]
Heritage loses Uganda spat November 24, 2011 HERITAGE Oil has lost a $404m (£261m) tax row in Uganda after the east African country’s tax authority ruled it was liable to pay a disputed capital gains bill. But Heritage said the ruling was “fundamentally flawed” and that it would look at its options for appeal through the courts and arbitration. The dispute centres [...]