Tag: Chancellor

Chancellor Osborne admits economy is weak

Chancellor Osborne admits economy is weak

At a speech at the insurers Lloyd’s of London, Chancellor George Osborne has admitted that recent weak economic data had led to a downgrade in growth. Speaking at the dinner in London, the Chancellor said: “We warned repeatedly that the recovery would be choppy.” However, despite the sluggish economic recovery, the Government is sticking with [...]

September 7, 2011 | 1 Comment More
UK borrowing falls in May

UK borrowing falls in May

The Office for National Statistics (ONS) has today revealed UK public sector borrowing fell slightly last month. According to the ONS, public sector borrowing fell to £15.15 billion last month compared with £16.46 billion in May last year. The figure was lower than analysts’ expectations of £15.75 billion and was attributed to an increase in [...]

June 21, 2011 | 0 Comments More
Chancellor to show support for retail banks to be ring-fenced

Chancellor to show support for retail banks to be ring-fenced

In his Mansion House speech this evening, Chancellor George Osborne is expected to confirm that banks will have to ring-fence their retail operations so they are protected from losses from investment banking. The Chancellor is also expected to suggest that banks will have to hold more capital – a recommendation of the Independent Commission on [...]

June 15, 2011 | 0 Comments More
Inflation surge prompts Governor to write letter to Chancellor

Inflation surge prompts Governor to write letter to Chancellor

The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to an annual rate of 4% in January – the highest rate since November 2008. The latest figures takes inflation to double the target of 2% – where it has been for more than a year. The latest figure prompted Governor of [...]

February 15, 2011 | 0 Comments More
UK inflation surges to 4% in January

UK inflation surges to 4% in January

February 15, 2011 | 0 Comments More
Banks agree to lending targets and pay restraints

Banks agree to lending targets and pay restraints

Chancellor George Osborne is today expected to announce that a deal has been reached between the Government and the banks with regard to lending targets and restraints on pay. The report comes a day after Mr Osborne confirmed he is maintaining the levy on banks, raising an additional £800 million this year and £2.5 billion [...]

February 9, 2011 | 0 Comments More
OBR expected to revise UK growth, Osborne to give update

OBR expected to revise UK growth, Osborne to give update

The Office of Budget Responsibility (OBR), which was established in May, is today expected to revise its growth forecast for the UK for the 2010 year. The independent body, which was set up by the coalition Government to assess the state of public finances, is expected to revise its growth forecast to 1.7% from the [...]

November 29, 2010 | 0 Comments More
UK inflation to hold steady at 3.1% in October

UK inflation to hold steady at 3.1% in October

The Office for National Statistics (ONS) is scheduled to announce the UK inflation rate for October tomorrow morning, with analysts expecting the annual rate to hold steady at 3.1%. With inflation way above the 2% target, the Governor of the Bank of England, Mervyn King, will be forced to write a letter to Chancellor George [...]

November 15, 2010 | 0 Comments More
Chancellor announces child benefit changes for higher taxpayers

Chancellor announces child benefit changes for higher taxpayers

Ahead of the Conservative Party Conference in Birmingham today, Chancellor George Osborne has revealed that child benefit is to be scrapped for higher rate taxpayers from 2013. Currently, child benefit is paid at £20.30 a week for the first child and £13.40 a week for any other children. For example, a mother of three would [...]

October 4, 2010 | 1 Comment More
Osborne speech provides “cautious optimism”

Osborne speech provides “cautious optimism”

Speaking to an invited audience at Bloomberg’s London offices, Chancellor George Osborne has today defended his massive spending cuts and insists there is light at the end of the tunnel. However, he agreed with Mervyn King’s prediction last week, who said the economic recovery will be “choppy”. He added that there is an improvement in [...]

August 17, 2010 | 0 Comments More
Chancellor Osborne to unveil simpler tax system

Chancellor Osborne to unveil simpler tax system

Chancellor George Osborne will today reveal plans to simplify the UK tax system, in a bid to encourage investment and drive economic growth. Since coming to power, the coalition Government has argued that the UK tax system is too complicated and has been proposing to make it simpler. Mr Osborne is set to announce that [...]

July 20, 2010 | 0 Comments More
Banks get off lightly in emergency budget

Banks get off lightly in emergency budget

George Osborne’s emergency budget “takes from the poor to give to the rich” according to campaigners for a fairer tax system. The Chancellor of the Exchequer has failed to hold banks responsible for the financial carnage they caused in the credit crunch and the subsequent recession, the Robin Hood Tax campaign said. ”The Chancellor called [...]

June 23, 2010 | 0 Comments More
Budget will bring council tax freeze

Budget will bring council tax freeze

In a bid to ease the pain from severe spending cuts, Chancellor George Osborne has said the coalition Government will proceed with its proposal to freeze council tax in England. Tomorrow’s budget is expected to bring tax hikes and deep benefit cuts so the council tax freeze is expected to help “millions of families…… at [...]

June 21, 2010 | 1 Comment More
Osborne gives BoE new powers and unveils bank tax

Osborne gives BoE new powers and unveils bank tax

In his first Mansion House speech last night, Chancellor George Osborne confirmed that the Bank of England will hold the main role in regulating the UK financial sector. The move was widely expected and comes as City Watchdog, the Financial Services Authority (FSA), will “cease to exist in its current form”, said the Chancellor. The [...]

June 17, 2010 | 1 Comment More
Osborne to announce new powers for central bank

Osborne to announce new powers for central bank

Chancellor George Osborne is today expected to hand over more responsibility to the Bank of England. The move comes just a few days after the BBC reported that City Watchdog, the Financial Services Authority (FSA), will be retained – as a subsidiary of the Bank of England. It was expected that the watchdog would be [...]

June 16, 2010 | 0 Comments More
Chancellor Osborne to unveil bank tax

Chancellor Osborne to unveil bank tax

Chancellor George Osborne will proceed with a bank levy despite the failure to agree a universal tax at this weekend’s G20 summit. The summit, which was Mr Osborne’s first G20 meeting, saw no mention of a proposal for a bank levy. Speaking after the summit, the Chancellor said: “We’ll introduce a levy regardless of whether [...]

June 7, 2010 | 0 Comments More
New Chancellor set to announce £6bn spending cuts today

New Chancellor set to announce £6bn spending cuts today

New Chancellor, George Osborne, is today set to wield the axe by announcing plans to cut £6.2 billion off the £156 billion deficit this year. The new Con/Lib coalition Government has said trimming the budget deficit is one of its priorities. However, Mr Osborne’s predecessor, Alistair Darling, warned that cutting the deficit too quickly could [...]

May 24, 2010 | 1 Comment More
New Chancellor speaks at CBI’s annual dinner

New Chancellor speaks at CBI’s annual dinner

New Chancellor George Osborne gave a speech to business leaders at the Confederation of British Industry’s (CBI) annual dinner last night and has outlined plans to reform corporation tax. He told business leaders that the new Government is committed to lower and simpler corporate tax rates. At the emergency Budget, on 22 June, Mr Osborne [...]

May 20, 2010 | 0 Comments More
Chancellor George Osborne launches OBR

Chancellor George Osborne launches OBR

At his first press conference as chancellor, George Osborne has today announced plans to launch a new fiscal watchdog, called the independent Office for Budget Responsibility (OBR). The OBR, which will be led by former Bank of England Monetary Policy Committee member, Alan Budd, is set to ensure the Government is held responsible for how [...]

May 17, 2010 | 0 Comments More
Linking ISA limits to inflation a “token gesture”

Linking ISA limits to inflation a “token gesture”

Chancellor Alistair Darling’s plans to automatically increase ISA limits in line with inflation are merely a “token gesture”, according to one industry expert. Andrew Hagger of financial advice site Moneynet said the new measures will cost banks more money to implement than the potential benefits for savers. “This is a token gesture that is likely [...]

March 26, 2010 | 0 Comments More