EU budget rules need adjustment but no debt cancellation: European Commissioner EU budget rules need adjustment but no debt cancellation: EC European Union budget rules need to be more consistent with expected higher levels of sovereign debt, the bloc’s economics commissioner said, but dismissed calls to cancel debt amassed during the coronavirus crisis. The idea of debt cancellation has been raised by Italy’s co-ruling 5-Star Movement, backing a proposal by EU Parliament President David Sassoli. “In [...]
Chancellor sets Budget for March 2021 The chancellor will announce a new government Budget in March as part of plans to hike income tax, the Treasury’s permanent secretary has announced. Speaking at a Public Accounts Committee meeting on the government’s furlough scheme this morning, Tom Scholar said: “There will be a Budget in March. We know a lot will change between [...]
Small business would suffer from a capital gains tax hike – not just investors SMEs would suffer from a capital gains tax hike – not just investors Capital gains tax (CGT) increases were reported to be in the chancellor’s sights before the Autumn Budget was cancelled to allow Rishi Sunak to focus on his winter economic plans. However any changes to CGT down the line could discourage small business investment just when it is needed most, says Claire Madden. Has there ever been a [...]
DEBATE: Do the chancellor’s reforms to entrepreneurs’ relief strike the right balance for founders? March 13, 2020 Do the chancellor’s reforms to entrepreneurs’ relief strike the right balance for founders? YES, says Mike Cherry, national chairman at the Federation of Small Businesses. Compromise is a fact of business life. Every dealmaker knows that it’s better to bend a little than break off negotiations. Entrepreneurs’ relief is a vital incentive that’s central to [...]
2020 Budget: ‘Borrowing to skyrocket’ despite £7bn tax bill March 12, 2020 Chancellor Rishi Sunak is unlikely to be able to deliver the huge spending growth he promised in his 2020 Budget given that his pledges were not supported by tax increases, Britain’s top fiscal think tank has said. Sunak yesterday unveiled the biggest Budget since 1992 as he seeks to tackle the fallout from coronavirus and [...]
Budget 2020: Sunak pledges extra £175bn to ‘get Britain building’ March 11, 2020 New chancellor Rishi Sunak pledged to “get Britain building” in today’s budget, unveiling an additional £175bn in capital investment to “level up” roads, railways, housing and broadband across the country. The extra money, which forms part of Sunak’s much trailed £640m spending package, means that by 2024 annual expenditure will rise above £110m, triple the [...]
FTSE 100 sees red despite rate cut and £30bn coronavirus Budget pledge March 11, 2020 The FTSE 100 closed down 1.4 per cent today as the dual impact of interest rate cuts and new coronavirus stimulus measures failed to impress investors. London’s blue-chip index had jumped as much as 2.1 per cent earlier in the day after the Bank of England announced it would slash UK interest rates to protect [...]
Budget 2020: What does the Red Box mean for UK tech firms? March 11, 2020 Chancellor Rishi Sunak today unveiled a raft of new fiscal measures as he vowed to deliver on the government’s promise of “levelling up” the UK. Sunak, who took over at No 11 just a month ago, put the coronavirus front and centre of his new policies as the number of cases continues to rise. But [...]
2020 Budget key points: Coronavirus, spending spree and even some jokes March 11, 2020 Chancellor Rishi Sunak outlined a massive spending spree and a £30bn package to shelter the UK economy through the coronavirus crisis in his 2020 Budget today, as the budget watchdog said he would borrow £100bn over five years to do so. The Treasury boss, who had just four weeks to prepare for today’s Budget, even [...]
Budget 2020: Rishi Sunak gives economy £30bn boost amid coronavirus outbreak March 11, 2020 Chancellor Rishi Sunak has announced a £30bn stimulus package to support the UK economy through the coronavirus outbreak in the biggest spending spree in almost 30 years. Sunak – who was made chancellor last month – said it was one of the most comprehensive responses to the outbreak by any government. The plan earmarks £12bn [...]