Our at-a-glance guide to Osborne’s mini-Budget December 5, 2012 THE UK ECONOMIC OUTLOOK ■ The Office for Budget Responsibility (OBR) has revised down its forecast for UK growth and revised up its forecast for public sector borrowing. It says the government is no longer likely to meet its target of reducing debt as a proportion of GDP in 2015-16, breaking its supplementary fiscal rule. [...]
Stagecoach is on track with 39pc profit rise December 5, 2012 SHARES in Stagecoach rose 5.9 per cent yesterday to 308.7p after the bus and train operator posted a 39 per cent rise in half-year profit. The firm said revenues rose 8.5 per cent to £1.4bn in the six months to the end of October, pushing pre-tax profit from £88.7m to £123.7m. Stagecoach’s train business, which [...]
Building firms offer a cautious welcome to the revamped PFI December 5, 2012 COMPANIES yesterday gave a lukewarm reaction to a new plan to privately fund infrastructure projects, replacing the controversial Private Finance Initiative (PFI). In a widely-trailed move, George Osborne said the new PF2 scheme will try to attract more money from long-term investors such as pension funds, to ensure PF2 has a more stable funding structure [...]
No information on the next stage of HS2 until new year December 5, 2012 THE HIGH Speed 2 rail link was among the transport plans to be left out of the Autumn Statement yesterday, with the chancellor stating that details on the second phase of the route have been delayed until next year. The £33bn HS2 proposal will link London to Birmingham, and later Leeds and Manchester. A decision [...]
What does the chancellor’s budget mean for you? December 5, 2012 Catherine Gannon, 50 Managing director of law firm Gannon Having started her own business 10 years ago, she earns around £100,000, though says this is getting more difficult to achieve, and while she has a share portfolio, she doesn’t have much in the way of a pension plan. Lives with her two children aged 10 [...]
Boris calls for renegotiation of deal with EU December 4, 2012 BORIS Johnson yesterday called for Britain to renegotiate its relationship with the European Union, saying he wanted a new deal based solely on trade agreements that would be put to the public in a national referendum. “Boil it to down to the single market, that’s the great achievement of the European Union, I think we [...]
TfL to spend £3.8bn on road upgrade work December 4, 2012 TRANSPORT for London hopes to double spending on the capital’s roads over the next decade, it said yesterday in a 10-year business plan. A “roads task force” will set out priorities for the £3.8bn funding pot in the spring, Mayor of London Boris Johnson said yesterday. Safety for cyclists will feature prominently in the plans, [...]
British Airways boss thinks MPs will fail to sort out air capacity December 4, 2012 THE HEAD of British Airways’ parent company does not think the government’s latest attempt to tackle airport expansion in Britain will come up with a concrete plan. “I think the decision of the government to establish the Davies Commission has been seen by some, maybe seen by many, as a step in the right direction. [...]
The Treasury will gain nothing from property tax hikes December 4, 2012 A S THEY consider a “back-door” mansion tax and another increase in stamp duty in today’s Autumn Statement, George Osborne and Vince Cable should take a quick look at a dramatic drop in tax receipts after the last Budget. In March, stamp duty was hiked to 7 per cent for people buying property over £2m [...]
HS2 critics tell court coalition’s decision to build was flawed December 3, 2012 OPPONENTS of the controversial High Speed 2 (HS2) rail link yesterday kicked off a major legal challenge, in an attempt to force the government to think again about the £34bn project. Lawyers for a group of local authorities, called 51m, told the High Court that the government has not properly consulted on the benefits and [...]