Tag: budget

Budget brings bad news for pensioners

Budget brings bad news for pensioners

Changes announced in todaya��s budget mean that four million pensioners will be worse off. The budget included controversial proposals to lower the income tax allowance for people over 65 to A?9,205 from April. This will bring pensioners in line with the general population. The over 65s currently benefit from a more generous tax-free allowance of […]

March 21, 2012 More
Chancellor announces budget that rewards work

Chancellor announces budget that rewards work

Delivering his third Budget, Chancellor of the Exchequer George Osborne, said that it would help those who aspired to do better for themselves and for their families. a�?Britain is going to earn its way in the worlda�� he said. He promised far reaching tax reform, creating a system that was simple to understand for ordinary […]

State pension reforms to be unveiled next week

State pension reforms to be unveiled next week

Details of the new flat-rate state pension will be unveiled next week by the Government. In last montha��s Budget, it was announced that the new pensions system should make pension planning easier to understand a�� stripping out the current complex means-tested payments system and will move towards a flat-rate payment for men and women. The […]

April 2, 2011 More
Flat-rate state pension confirmed in Budget

Flat-rate state pension confirmed in Budget

In todaya��s Budget, Chancellor George Osborne confirmed that the new flat-rate state pension will be brought in but will take many years to come into force. According to the Government, the new pensions system should make pension planning easier to understand a�� stripping out the current complex means-tested payments system and will move towards a […]

March 23, 2011 More
HMRC: House sales rise in February

HMRC: House sales rise in February

HM Revenue & Customs (HMRC) has today revealed a slight rise in the number of homes sold in February in the UK. According to HMRC, 57,000 homes worth at least A?40,000 or more were sold in the month a�� 4,000 more than Januarya�?s levels. The figures come as the British Bankersa�� Association (BBA) revealed a […]

Markit: Household finances at two-year low

Markit: Household finances at two-year low

The Markit Household Finance Index has revealed that households are at their most pessimistic about their finances since March 2009 – when the country was in the midst of recession. The gloomy report comes ahead of Wednesday’s Budget – when Chancellor George Osborne will unveil the Governmenta��s 2011/12 tax and spending plans. Meanwhile, Markit’s household […]

March 21, 2011 More
Budget may see freeze in fuel duty

Budget may see freeze in fuel duty

There is speculation that the Government may delay the 1p rise in fuel duty – planned for next month. The move is believed to be announced in this weeka��s Budget and comes as the price of petrol has surged to more than A?1.30 a litre, due to concerns about the ongoing civil unrest in Libya […]

March 20, 2011 More
UK consumer confidence sinks to record low in February

UK consumer confidence sinks to record low in February

The latest survey from the Nationwide Building Society has revealed a severe decline in UK consumer confidence for the month of February. The building societya��s consumer confidence index plunged to 38 in February – a fall of 10 points and the lowest level since records began in May 2004. The latest fall means confidence is […]

March 18, 2011 More
UK car production up in February

UK car production up in February

Figures published today by the Society of Motor Manufacturers and Traders (SMMT) revealed a rise in UK car production for the month of February. UK car production rose 15.1% versus the same month a year ago, the SMMT said, with the total number of cars produced at 111,983. For the year-to-date, car production is 12% […]

March 17, 2011 More
CBI calls for economic growth focus

CBI calls for economic growth focus

The Confederation of British Industry (CBI) is urging Chancellor George Osborne to provide a “relentless focus” on economic growth and job creation when he presents his annual budget later this month. In a letter to the Chancellor, the business lobby group said action must be taken in order to boost the economic recovery. Over recent […]

March 7, 2011 More
Greek parliament passes 2011 austerity budget

Greek parliament passes 2011 austerity budget

The Greek parliament has today approved its 2011 austerity budget, which includes further spending cuts and tax hikes. The budget, which is part of the condition of its bailout from the European Union and the International Monetary Fund (IMF), is an attempt to trim the countrya��s deficit to 7.4% of GDP next year, down from […]

December 23, 2010 More
Social housing budget slashed in Spending Review

Social housing budget slashed in Spending Review

As part of the Governmenta��s Comprehensive Spending Review, it is understood that the social housing budget will be slashed by more than 50%. The Spending Review, which will be unveiled by Chancellor George Osborne tomorrow, will provide details of how the Government intends to slash spending by A?83 billion by 2014 as it endeavours to […]

October 19, 2010 More
Government cuts A?11m social enterprise funding

Government cuts A?11m social enterprise funding

Despite the government’s rhetoric on big society, it has announced A?11 million of spending cuts to the department responsible for social enterprise. The Office for Civil Society has had its 2010/11 budget cut to A?136.9 million, down from A?147.9 million. Nick Hurd, minister for civil society, said: “Every area of government is looking at reducing […]

July 30, 2010 More
Children’s Mutual suspends new business

Children’s Mutual suspends new business

The Children’s Mutual has suspended all new business to its most basic Child Trust Fund (CTF) accounts following the government’s decision to scrap the CTF scheme. CTFs were one of the first things to face the coalition’s axe as they seek to make massive cutbacks to tackle Britain’s national debt. David White, chief executive of […]

July 23, 2010 More
Graduates face uncertain future

Graduates face uncertain future

Proposed cuts to public spending could see Graduate unemployment surge to record levels, according to the Higher Education Careers Service (HECSU). The HECSU said Graduates will be badly affected by the cuts since so many of them are recruited in the public sector. The body said if a fifth of the 39,000 graduates joining the […]

July 2, 2010 More
Document reveals 1.3 million jobs will be lost following budget

Document reveals 1.3 million jobs will be lost following budget

Last weeka��s tough budget is expected to result in the loss of more than one million jobs by 2015, according to a leaked Treasury document. The Guardian has reported that while there will be an estimated 2.5 million jobs created in the next five years, 1.2 million will be lost in the same period. Last […]

June 30, 2010 More
Nationwide: house prices up 0.1% in June

Nationwide: house prices up 0.1% in June

UK house prices managed a 0.1% rise in June, compared with a month earlier, taking the average value of a home to A?170,111, according to Nationwide. A flurry of new instructions following the abolition of Home Information Packs may have slowed the rate of gain, which fell back from 0.5% in May. The smoother three-month-on-three-month […]

New ATMs launched to boost circulation of A?5 note

New ATMs launched to boost circulation of A?5 note

In a bid to boost circulation of the A?5 note, ATMs which only dispense fivers have been installed across Britain, following a two-year trial in London. Almost two dozen machines, run by the ATM operator Bank Machine, have been installed in various locations, including Manchester, Stroud, Oxford, Cardiff and Portsmouth. The 21 new A?5-only machines […]

June 28, 2010 More
IFS comments on spending cuts

IFS comments on spending cuts

Respected think tank, the Institute for Fiscal Studies (IFS), has commented on this weeka��s budget and said low-income families will be hard hit due to changes to child benefit and tax credits. Robert Chote, IFS director, comments: a�?Osborne and Clegg have been keen to describe the measures as progressive in the sense that the rich […]

June 24, 2010 More
Laboura�?s Saving Gateway account axed in budget

Laboura�?s Saving Gateway account axed in budget

A Saving Gateway scheme, aimed at encouraging low-paid workers to save, has been axed by the coalition Government. The scheme, proposed by Gordon Brown to help lower-income families, was due to be launched next month via the Post Office and would have contributed 50p for every A?1 saved. It was designed to help up to […]

June 23, 2010 More