Tag: Alistair Darling

Labour defend National Insurance rise

Labour defend National Insurance rise

Chancellor Alistair Darling has been forced to defend Labour’s planned rise in National Insurance (NI) contributions after the Conservative Party said the hike would lead to job losses. Last month’s Budget confirmed that the Labour Government will raise National Insurance contributions by a further 0.5% from next year, on top of the 0.5% rise announced [...]

April 5, 2010 | 0 Comments More
Alistair Darling set to deliver Budget today

Alistair Darling set to deliver Budget today

The Pre-Election Budget will be delivered today by Chancellor Alistair Darling but he has repeatedly said there will be no “giveaways” ahead of the general election. What we can expect to see, though, are more details of how the Government expects to trim the budget deficit. Mr Darling has previously pledged to halve the budget [...]

March 24, 2010 | 0 Comments More
Budget to be held on March 24

Budget to be held on March 24

Prime Minister Gordon Brown has confirmed the date of the Budget as March 24 with speculation mounting that the general election will be 6 weeks after - on May 6. The Treasury is set to confirm the Budget date later in a written statement to MPs. Meanwhile, in the build-up to the budget, Chancellor Alistair [...]

March 10, 2010 | 0 Comments More
UK inflation hits 3.5% in January

UK inflation hits 3.5% in January

The Office for National Statistics has today announced that Consumer Price Inflation (CPI) rose to a 14-month high of 3.5% in January - as widely expected. The rise in inflation has been driven by higher petrol costs and the effects of the reduction in the standard rate of VAT. Meanwhile, CPI fell 0.2% on the [...]

February 16, 2010 | 0 Comments More
Think tank warns Government to control spending

Think tank warns Government to control spending

Leading economic think tank, the National Institute of Economic and Social Research (NIESR), is warning the Government that if it plans to halve the budget deficit over the next four years, much tighter spending controls are required. In his latest Pre-Budget Report, Chancellor Alistair Darling pledged to significantly reduce the UK’s soaring deficit over the [...]

February 3, 2010 | 0 Comments More
HSBC chief warns of super tax

HSBC chief warns of super tax

In an interview with Sky News, HSBC chief executive Michael Geoghegan has warned of the dangers of the new super tax, introduced by the Government to claw back some of the bailout funds used to rescue the banking industry. The warning comes just a week after London Mayor, Boris Johnson, warned that high-earning bankers are [...]

January 20, 2010 | 0 Comments More
Super tax is threat to London warns Mayor

Super tax is threat to London warns Mayor

London Mayor, Boris Johnson, has warned that high-earning bankers are leaving the capital because of the super tax which has been introduced by the Government. In the recent Pre-Budget Report (PBR), UK Chancellor Alistair Darling confirmed there would be a one-off 50% tax on bankers’ bonuses paid above £25,000. The Chancellor said the banks, rather [...]

January 15, 2010 | 0 Comments More
Quantitative easing set to be extended according to reports

Quantitative easing set to be extended according to reports

The Daily Mail has reported that the Bank of England is set to extend its quantitative easing (QE) scheme by as much as £25 billion next year. QE, also known as printing money, is a process whereby the Treasury injects funds into the financial system to ease pressure on banks by giving them extra capital. [...]

December 23, 2009 | 0 Comments More
HMRC confirms which organisations are affected by new super tax

HMRC confirms which organisations are affected by new super tax

HM Revenue & Customs (HMRC) has confirmed that the bank bonus tax will not apply to staff of non-banking firms such as insurers, assets managers and stockbrokers. There were queries about which organisations would be affected by the 50% tax, which was announced the Pre-Budget Report, but it has been confirmed that it will apply [...]

December 21, 2009 | 0 Comments More
France to introduce super-tax on bankers

France to introduce super-tax on bankers

French Finance Minister Christine Lagarde has today unveiled details of a 50% tax on bankers’ bonuses. After a cabinet meeting today, Ms Lagarde told reporters that a bill detailing the new tax would be presented to parliament early in the New Year. Any bonus above €27,500 (£24,000) will be taxed at a rate of 50% [...]

December 16, 2009 | 0 Comments More
Government sacred cows endanger UK turnaround

Government sacred cows endanger UK turnaround

The UK branch of the Turnaround Management Association (TMA) is warning that Alistair Darling’s bid to postpone tackling Britain’s debt mountain until after next year’s General Election creates a real risk of the country’s credit rating being downgraded. The body, which represents practitioners in corporate renewal and turnaround management, believes the delay could have “severe” [...]

December 14, 2009 | 0 Comments More
Darling unveils plans to cut UK’s ballooning debt

Darling unveils plans to cut UK’s ballooning debt

At today’s Pre-Budget Report, Chancellor of the Exchequer Alistair Darling unveiled measures to claw back money in order to pay off the UK’s spiralling debt. Mr Darling confirmed there would be a one-off 50% tax on bankers’ bonuses paid above £25,000. The Chancellor said the banks, rather than the bankers, will pay the tax and [...]

December 9, 2009 | 0 Comments More
Pre-Budget Report: Chancellor told Britain facing ‘fiscal crisis’

Pre-Budget Report: Chancellor told Britain facing ‘fiscal crisis’

Today is the day of the Pre-Budget Report and Chancellor Alistair Darling will give more detailed plans about how the Government intends to halve the £180 billion deficit. Moody’s credit rating agency has warned that Britain is facing a “fiscal crisis” unless the Government takes action to pay off the debt or risk losing its [...]

December 9, 2009 | 0 Comments More
Banking industry criticise Treasury’s plans for windfall tax

Banking industry criticise Treasury’s plans for windfall tax

Over the weekend, it emerged that Chancellor Alistair Darling is expected to announce a windfall tax on British banks in Wednesday‘s Pre-Budget Report. The measure is one of many being planned by Mr Darling to target high earners. Other measures include increasing the number of people liable to pay inheritance tax, as well as an [...]

December 7, 2009 | 0 Comments More
Government unveils plans to slash public spending

Government unveils plans to slash public spending

Prior to Wednesday’s Pre-Budget Report, Prime Minister Gordon Brown has outlined plans to slash public spending by £12 billion over four years - 25% more than originally thought a few months ago. Mr Brown will endeavour to show how Labour plans to slash the UK’s budget deficit by half. In a speech today, the PM [...]

December 7, 2009 | 0 Comments More
RBS board threaten to quit over bonus restrictions

RBS board threaten to quit over bonus restrictions

The board of the Royal Bank of Scotland (RBS) have threatened to quit under Government plans to veto bonus payments. Chancellor Alistair Darling is to be granted the right to veto bonus payments at the bank, following which the bank sought legal advice. The threat of a mass exodus comes as the bank is planning [...]

December 3, 2009 | 0 Comments More
Chancellor set to admit recession worse than feared in pre-Budget report

Chancellor set to admit recession worse than feared in pre-Budget report

In next month’s pre-Budget report, Chancellor Alistair Darling is expected to sharply revise his forecast downwards for the UK economy, according to Treasury sources. The Chancellor is expected to say that the UK economy contracted by 4.75% in 2009 - far more than the 3.5% he predicted in March’s Budget. However, while he is expected [...]

November 30, 2009 | 0 Comments More
Chancellor warns of rising UK unemployment

Chancellor warns of rising UK unemployment

Addressing parliament today, Chancellor Alistair Darling warned that UK unemployment would continue to rise “for a while”. The latest official figures show that UK unemployment stands at 2.46 million - a rate of 7.8%. The Organisation for Economic Co-operation recently forecast that UK unemployment will increase to a rate of 9.3% in 2010 and to [...]

November 26, 2009 | 0 Comments More
Britain’s top five banks accept bonus terms

Britain’s top five banks accept bonus terms

It has emerged that Britain’s five largest banks have agreed to bonus terms set out by the world’s leading nations at last week’s G20 summit. The five UK banks that have accepted the curbs on bonuses are Barclays, HSBC, Lloyds, RBS and Standard Chartered. Under the new terms set out at last week’s summit, up [...]

September 30, 2009 | 0 Comments More
G20 nations agree to ‘tough new regulations’

G20 nations agree to ‘tough new regulations’

At last week’s G20 summit, the world’s leading nations agreed to “tough new regulations”. Following the summit, which took place in Pittsburgh on Thursday and Friday, US President Barack Obama announced that in order to prevent another financial crisis: “We have agreed tough new financial regulations to ensure that the reckless few can no longer [...]

September 27, 2009 | 0 Comments More