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News Tag: autumn statement

December 6, 2012

Government to outsource tax credit debt collection

by Jan Harris
Government outsourcing tax credit debt collection
Government plans to outsource the collection of tax credit overpayments has raised alarm among campaigners. A pilot scheme will be launched, with private companies appointed to collect overpayments. These can often occur when a claimant’s income increases - when they move to a better paid job, for example. Claimants should report a change in their circumstance to the Tax Credit Office, but if ...




December 5, 2012

Government saving £1bn by cutting pensions tax relief

by Jan Harris
Government saving £1bn by cutting pensions tax relief
The Chancellor announced a cut in the tax relief it allows on people's contributions to company or private pension schemes, in his Autumn Statement today. George Osborne said that the lifetime allowance, which is the maximum amount which can be saved in a pension fund and be eligible for tax relief, will be reduced from £1.5m to £1.25m in April ...




Austerity measures extended in Autumn Statement

by Jan Harris
Austerity measures extended in Autumn Statement
Chancellor George Osborne is extending the government’s austerity measures until 2018, a year longer than expected, after the Office for Budget Responsibility revised down its forecast for economic growth. Last year, the OBR was optimistic that the economy would grow by 0.8 per cent this year, but it now expects it to contract by 0.1 per cent, partly due to continuing problems ...




November 26, 2012

Austerity measures could continue until 2018

by Jan Harris
Austerity measures could continue until 2018
Prior to the Chancellor’s Autumn Statement on 5 December, the Institute for Fiscal Studies (IFS) has warned that the squeeze on public spending may have to continue to 2017/18. Slower than expected economic recovery may mean that the Chancellor, George Osborne, will need to raise another £11 billion from further cuts or by increasing taxes. This would be on top of a ...




December 1, 2011

Housing Market to improve in 2013

by Jan Harris
Housing Market to improve in 2013
The housing market is expected to improve strongly in 2013-14, with a 20 per cent increase in transactions, the Office for Budget Responsibility (OBR) said yesterday. An upward trend is expected to start developing in 2012-13, when 1.5 per growth is expected, according to the OBR’s forecasts which accompanied the chancellor's Autumn Statement. Recent figures from HM Revenue & Customs show that 5 ...




IFS lost for words over economy

by Jan Harris
IFS lost for words over economy
The Independent Institute for Fiscal Studies (IFS) has warned that the income of UK households is likely to fall 7.4 per cent in three years and Britons will be no better off in 2016 than they were in 2002. The comment followed analysis of the Chancellor’s Autumn Statement yesterday. The IFS expects household income, after inflation, to fall by an average ...




Linking pensions to CPI costly for workers

by Jan Harris
Linking pensions to CPI costly for workers
Last year’s decision to tie public sector pensions to the consumer prices index (CPI) rather than the retail prices index (RPI) will result in pay-outs being reduced by over 17 per cent over 15 years, according to the TUC. In 2010 the government decided that pensions would rise in line with the CPI, which increases more slowly that the RPI, ...




November 30, 2011

Chancellor announces end of stamp duty concession

by Jan Harris
Chancellor announces end of stamp duty concession
In a move that could cause sales of first-time buyer properties to rise sharply early next year, the current exemption on stamp duty will not be extended as hoped. In his Autumn Statement yesterday, the Chancellor said that this concession has proved ineffective in increasing the number of first time buyers entering the market, therefore people buying their first home ...




November 29, 2011

Chancellor says UK facing very difficult times

by Jan Harris
Chancellor says UK facing very difficult times
Chancellor of the Exchequer George Osborne admitted this afternoon that the government will not meet its Budget forecasts for UK economic growth and borrowing. In his Autumn Statement, Mr Osborne reduced forecasts for UK growth to 0.9% this year, 0.7% next year and 2.1% in 2013. In March’s Budget the independent Office for Budget Responsibility estimated that the UK economy would ...




Nationwide reports increase in house prices

by Jan Harris
Nationwide reports increase in house prices
The latest house price figures from Nationwide Building Society contradict yesterday’s news from the Land Registry that house prices have fallen over the past year. Nationwide today said that house prices are ‘surprisingly resilient’ with November’s figures showing a year-on-year increase of 1.6%. In contrast the latest Land Registry figures showed a 3.2 per cent fall in prices over the year. ...




November 25, 2011

UK’s economic recovery to take five years

by Jan Harris
UK’s economic recovery to take five years
The UK’s economy will take five and a half years to recover to pre-recession levels according to Martin Weale, a member of the Bank of England’s Monetary Policy Committee. Speaking to the National Institute of Social and Economic Research, Mr Weale said that the recovery "unusually slow" and indicated that the Bank could enact more quantitative easing if inflation starts ...




November 17, 2011

Government working on low deposit mortgage scheme

by Jan Harris
Government working on low deposit mortgage scheme
The Chancellor George Osborne is expected to announce a scheme to help first-time buyers in his autumn statement on November 29, according to a report in The Telegraph. The statement, which will set out plans to encourage growth in the UK’s economy, could include a mortgage indemnity guarantee scheme, which would see the government underwriting low-deposit mortgages for first-time ...