Tag: autumn statement

Government to outsource tax credit debt collection

Government to outsource 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 […]

December 6, 2012 More
Government saving £1bn by cutting pensions tax relief

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 […]

December 5, 2012 More
Austerity measures extended in Autumn Statement

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 […]

Austerity measures could continue until 2018

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. […]

November 26, 2012 More
Housing Market to improve in 2013

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 […]

December 1, 2011 More
IFS lost for words over economy

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 […]

Linking pensions to CPI costly for workers

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 […]

Chancellor announces end of stamp duty concession

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 […]

November 30, 2011 More
Chancellor says UK facing very difficult times

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 […]

November 29, 2011 More
Nationwide reports increase in house prices

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 […]

UK’s economic recovery to take five years

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 […]

November 25, 2011 More
Government working on low deposit mortgage scheme

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 […]

November 17, 2011 More