Budget 2017: Real wages predicted to rise after growth revised upwards this year by OBR March 8, 2017 Real wages are set to grow steadily for the next five years, the government’s Budget watchdog said, as it upgraded growth predictions for this year. Earnings will rise by 0.2 per cent above inflation this year, before accelerating to rise by 1.6 per cent more than prices by 2021, according to the Office for Budget [...]
Budget 2017: Consumer-led growth is unsustainable says former Bank of England deputy governor Sir Charlie Bean March 8, 2017 The consumption-led growth which prompted the government’s economic watchdog to raise its forecasts for the UK economy this year is “unsustainable”, according to a former deputy governor of the Bank of England. Sir Charlie Bean said households “have been running down savings” to fund consumption. However, “that is not sustainable,” he said in a briefing [...]
Budget 2017 UK: Nope, driverless cars are not in the Budget, Philip Hammond just used them for laughs about Corbyn’s Labour leadership March 8, 2017 You'd be forgiven for thinking that driverless cars are getting a major boost with plans announced in today's Budget to help the UK become a top player in automotive automation. For anyone listening to chancellor Philip Hammond's speech (or reading through the transcript), there was indeed mention of funding for disruptive technologies such as "biotech, robotics and driverless cars". [...]
Budget 2017: Government announces plans to crack down on VAT evasion March 8, 2017 The government is cracking down on overseas traders that avoid paying UK VAT. In the Spring Budget today the Treasury has said that it will be putting in place measures to stop traders from undercutting UK businesses online by charging less and not paying tax on UK sales. To draw up a new collection method for VAT, [...]
Spring Budget: The OBR is still too pessimistic about UK growth this year March 8, 2017 The biggest story in the Budget wasn’t big news. It had been well flagged in advance that the Office for Budget Responsibility (OBR) was revising up its GDP growth forecast to 2 per cent in 2017. In November last year, the OBR expected just 1.4 per cent GDP growth this year. HM Treasury’s latest monthly survey [...]
Budget 2017: Two unusual places the government is raking in the cash March 8, 2017 Experts have highlighted two surprising sources that either have, or are set to be, lucrative sources of income for chancellor Philip Hammond. Buried in the reams of figures that accompany the Treasury's budget are a couple of streams that will help to bolster Whitehall's coffers. 1 – Pensions freedoms PwC's chief actuary Steven Dicker explained how [...]
London mayor Sadiq Khan welcomes progress made on devolution to London in the Budget March 8, 2017 Chancellor Philip Hammond delivered a historic devolution agreement for Londoners today to "protect jobs and investment in the aftermath of Brexit". The devolution agreement focussed on infrastructure projects to help London mayor Sadiq Khan upgrade the capital's road, rail and Underground networks and boost its economy. It also confirmed the devolution of new powers to allow the mayor [...]
Budget 2017: Four things pensions experts have had to say about the Budget March 8, 2017 Former chancellor George Osborne will be remembered for monkeying around with pensions, in particular for ushering in pensions freedoms that were announced in 2014 implemented the following year. Philip Hammond didn't do too much on pensions in his Autumn Statement in November. So what was he up to today? 1 – Quiet day Beancounters EY [...]
Budget 2017: Winners and losers of Philip Hammond’s Spring Budget March 8, 2017 Today, chancellor Philip Hammond delivered his first (and last) Spring Budget. Here are the day's winners and losers. Read more: Budget 2017: Philip Hammond's speech in full Winners Tech got quite the showing in Hammond's Budget. The chancellor pledged millions of pounds of fresh funding for disruptive new technologies like robotics, electric cars and biotech along with plans to [...]
Budget 2017: Chancellor Philip Hammond delivers boost to FTSE March 8, 2017 Philip Hammond's Budget announcements drove the FTSE 100 into positive territory for the day this afternoon. While no individual companies or sectors appeared to rise or fall too strongly, the FTSE 250 and FTSE 350 indices also edged up after the chancellor spoke. Read more: This is what the Budget had to say about UK [...]