London titans fear business rates relief cap will leave them with ‘same old headache’ October 28, 2021 Central London businesses and landlords have been left disappointed after a cap on a new business rates discount. At the dispatch box on Wednesday, Chancellor Rishi Sunak announced a one-year discount of 50 per cent for businesses in the hospitality, retail and leisure sectors. Eligible businesses will be able to claim a discount on their [...]
Second home buyers dodge bullet of stamp duty rise for now October 28, 2021 Chancellor Rishi Sunak may have taken a last minute decision not to increase the stamp duty surcharge paid by landlords and second home buyers. The government had planned to hike the three percentage point surcharge on additional property purchases to four percentage points, first reported by the Daily Telegraph. In the economic and fiscal outlook, [...]
Budget: Sunak defends decision not to cut VAT on household energy bills October 28, 2021 Chancellor Rishi Sunak this morning defended the government’s decision not to cut VAT on home energy bills to counter rising energy prices. Asked on BBC Breakfast why he did not make such a move, the Chancellor said: “Because as many independent experts and think tanks have pointed out, it is not a particularly well-targeted measure [...]
Rishi Sunak: Because of govt’s pandemic response we are seeing proper bounce-back October 28, 2021 Chancellor Rishi Sunak said this morning the action the Government took to support the economy during the coronavirus pandemic meant the UK was seeing better than expected growth in the bounce-back. The Chancellor told Sky News: “I think it is important to remember why we are in this position. “A year ago we outlined our [...]
Rishi Sunak: I won’t apologise for cutting alcohol duty on champagne in prosecco in Budget October 28, 2021 Rishi Sunak said this morning he will not apologise for cutting alcohol duty on Champagne, prosecco and other sparkling wine in the Budget. Speaking to Sky News, Rishi Sunak said: “I’m not going to make any apologies for that. We have an irrational system at the moment of how we tax alcohol. “The new system [...]
Budget: Rishi Sunak refuses to commit to tax cuts before next general election October 28, 2021 Chancellor Rishi Sunak this morning refused to commit to cutting taxes before the next general election. Asked on Sky News whether he would slash taxes before the next Westminster polling day, which is expected to be held by 2024, Mr Sunak said: “We started cutting taxes yesterday, our priority being those on the lowest incomes. [...]
Forget the pandemic: Brexit’s impact on UK economy will be much worse, warns fiscal chief October 28, 2021 The consequences of the UK leaving the European Union will be much more serious than the economic impact of the pandemic, the boss of the UK’s fiscal watchdog warns this morning. The Office for Budget Responsibility (OBR) had assumed leaving the EU would “reduce our long run gross domestic product by around 4 per cent”, [...]
Budget: Brits face flat recovery for household living standards, Sunak warned October 28, 2021 The average household could see their tax rise by thousands of pounds during Boris Johnson’s premiership, a think tank has warned, as Rishi Sunak’s Budget has the country set for a flat recovery for living standards. The Office for Budget Responsibility (OBR) said the Budget would leave the overall tax burden at its highest since [...]
Sunak might be teetotal – but he needs to sober up from his super-spending – CityAM : CityAM October 28, 2021 The definition of addiction is the serious, chronic dependence on a substance or activity. After watching the Chancellor spend almost an hour trumpeting eye-watering increases in public spending, we now have every reason to believe that this government is hooked on splashing taxpayers’ money. The next immediate hit – securing a headline about another couple [...]
The verdict: A budget packed to the rafters with promises and light on the means to pay for them October 28, 2021 Kitty Ussher, Institute of Directors The crucial test for this Budget was whether it gave business the confidence to invest. The Chancellor’s cuts for business rates and R&D tax credit are welcome. But, when paired with hefty hikes in other taxation on the horizon, that may not be enough to convince business leaders to press [...]