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 [...]
Britain will launch Cop26 in Glasgow while taxpayers are still funding fossil fuels – CityAM : CityAM October 28, 2021 On Monday, the parliamentary committee for International Development demanded the government stop investing in the fossil fuel sector, including through its private-sector arm, the CDC Group. CDC is investing hundreds of millions of precious aid money in fossil fuel companies that compound the climate crisis. Propping up the fossil fuel industry will inevitably mean more [...]
Editorial: Risky Rishi’s budget may not taste so sweet if events turn sour October 27, 2021 The poor Labour party. If the job of opposition is to oppose, how to oppose Rishi Sunak’s budget?The truth is that had Sunak’s speech been drafted for Gordon Brown, not many would have batted an eyelid. Spending was replaced with investment; tax cuts a promise, not a reality. There was much to like from a [...]
Sunak cuts the Universal Credit taper rate to ease cost of living pressures October 27, 2021 Rishi Sunak has today cut the Universal Credit taper rate in a move that will put £2bn back into the pockets of the country’s lowest paid workers. Sunak announced in his Budget today that the taper rate will be slashed in December from 63 per cent to 55 per cent in a move that is [...]
Budget 2021: Steel sector bemoans “missed opportunity” as energy costs continue to rise October 27, 2021 The Budget was a “missed opportunity” for the country’s steel sector, argues the UK Steel and Community Union. The organisation has criticised Chancellor Rishi Sunak, believing he has left the steel sector “high and dry” by the lack of action on electricity prices and its failure to set out a clear plan for decarbonising UK steel production. [...]
The Budget: Sunak returns pupil funding to “2010 levels” October 27, 2021 Chancellor Rishi Sunak announced that per pupil funding would return to “2010 levels” in real terms by 2024-25, making an extra £4.7bn available. Sunak makes £2.6bn available for new school places for children with special educational needs and disabilities in England, more than tripling current capital funding levels to over £900m by 2024-25. On the pandemic, Mr [...]
Budget 2021: Government to review further changes to pension schemes charge cap October 27, 2021 As part of his Autumn budget reveal today, Chancellor Rishi Sunak announced that the government will further review the pension schemes charge gap, as a way to encourage schemes to invest in high-growth UK businesses. Under the plans announced today, the government will consider options to amend the scope of the charge cap so that [...]
Rishi Sunak’s Autumn Budget: A quick overview of what has been announced October 27, 2021 Downing in numbers and announcements? No worries, here are the main points from Chancellor Rishi Sunak’s Budget. – The Budget is focused on the “post-Covid” era, according to the Chancellor, and will pave the way for the “Prime Minister’s economy of higher wages, higher skills, and rising productivity”. – Independent forecaster the Office for Budget [...]
Champagne in Canary Wharf: Sunak helps banks to save £4bn following Budget cut in surcharge tax October 27, 2021 The cut to the banking surcharge, announced in today’s Budget, will help UK banks to save £4bn in the next five years. A surcharge of 8 per cent was cut to 3 per cent by Chancellor Rishi Sunak to “maintain the competitiveness of our financial services”, he said. As a result, the amount paid by [...]