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24th of October 2010
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News Tag: coalition Government

October 18, 2010

Business leaders support Government’s spending cuts

by Kay Murchie
”Business
The Coalition Government’s decision to slash the budget deficit so soon has met with some criticism over recent times. However, it appears that Chancellor George Osborne's deficit reduction program has also met with support, which an open letter to the Telegraph newspaper has revealed today. To name but a few, the leaders of Marks and Spencer, BT, GlaxoSmithKline, Kingfisher and Microsoft UK have ...




September 21, 2010

Nick Clegg warns banks of bonus crackdown

by Kay Murchie
”Nick
Deputy Prime Minister, Nick Clegg, has today warned banks over their excessive bonuses, suggesting the coalition Government will take very serious action if they “pay themselves unjustified bonuses”. Speaking to BBC Radio 4's Today programme, Mr Clegg said: "Clearly, if the banks pay themselves unjustified bonuses, we reserve the right to take very serious action on that." Asked if that was ...




August 18, 2010

Treasury reviews winter fuel and child benefit payments

by Kay Murchie
”Treasury
As part of the coalition Government’s welfare crackdown, announced in June, it has been revealed that winter fuel payments and child benefit, face severe overhauls. The massive overhaul of the system comes as part of the Government’s plans to reduce public spending. There is speculation that ministers are reviewing the provision of child benefit for “middle class” families, while the winter ...




July 21, 2010

Home Office staff awarded big bonuses

by Kay Murchie
”Home
It has emerged that big bonuses are to be awarded to Home Office staff despite the new coalition Government’s public spending cuts. Speaking before the Commons home affairs committee, Damien Green, Immigration Minister, said the payments to senior officials would total almost £800,000 this year, compared to last year’s bonuses which totalled £1.4 million. In his emergency budget last month, Chancellor ...




Massive spending cuts could derail recovery

by Kay Murchie
”Massive
The Treasury Select Committee has warned that cutting the deficit too quickly could risk pushing the UK back into recession. Since coming to power, the new coalition Government has made cutting the deficit its top priority. However, many leading business groups and former Chancellor, Alistair Darling, all warned that cutting the deficit too quickly could pose a threat to the fragile recovery. Chancellor ...




June 14, 2010

OBR set to downgrade UK growth prospects

by Kay Murchie
”OBR
The newly-established Office of Budget Responsibility (OBR) is scheduled to publish growth forecasts later and they are likely to be much lower than the previous Labour Government's predictions. According to economists, the OBR, which is led by former Treasury official Sir Alan Budd, is expected to say ex-Chancellor Alistair Darling's 2011 forecast of 3% - 3.5% was too ambitious. Jonathan Loynes ...




June 10, 2010

CIPD warns of high unemployment amid Government spending cuts

by Kay Murchie
”CIPD
A report by the Chartered Institute of Personnel and Development (CIPD) has warned that UK unemployment could reach 2.95 million, from its current 2.51 million, as a result of the Government’s planned spending cuts. According to the influential think tank, 750,000 public sector workers could join the dole queue as the new coalition Government embarks on tough austerity measures ...




May 30, 2010

BCC warns of new double-dip risk

by Kay Murchie
”BCC
The British Chambers of Commerce (BCC) has warned there is a risk of a double-dip recession (whereby the economy goes into recession twice without having undergone a full recovery in between). The warning from the business group comes as it said the Government should delay making big spending cuts as the recovery is still weak. Last week, Chancellor George Osborne unveiled details of ...




May 25, 2010

Queen’s Speech 2010 unveils coalition plans

by Kay Murchie
...




May 20, 2010

Coalition Government to crackdown on unfair bank charges

by Kay Murchie
”Coalition
The new coalition Government is to introduce measures that will see an end to "unfair" bank charges, as well as excessive interest rates on credit cards. The measures, part of new policies that are being introduced by the Con-Lib Government, comes after a legal battle between the banks and the Office of Fair Trading, which saw the Supreme Court rule ...




May 17, 2010

Sterling sinks to 13-month dollar low

by Kay Murchie
’Sterling
Britain’s ongoing deficit worries continue to weigh heavily on the economy and this was evident after the pound fell to a 13-month low against the dollar today. Sterling fell as low as $1.4249 - its lowest level since March 2009, before recovering to $1.4435 - down 0.7% on the day. Today, at his first press conference as chancellor, George Osborne said one ...




Chancellor George Osborne launches OBR

by Kay Murchie
”Chancellor
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 it deals with the record budget deficit. One ...




May 14, 2010

Child Trust Funds/tax credits to be scaled back under new Government

by Kay Murchie
”Child
As the new Coalition Government gets underway, it has been revealed that Child Trust Funds (CTFs) will be reviewed and while full details are not yet clear, it is believed that payments will only be made to families with household incomes of less than £16,000 a year. CTFs were introduced in 2005 and have been available ...




May 13, 2010

HIPs to go as coalition government takes charge

by Gill Montia
”HIPs
The Conservative/Liberal Democrat coalition government has confirmed that it is proposing to scrap the unpopular Home Information Pack (HIP), while retaining energy performance certificates, which are required under European law. HIPs were introduced in 2007 despite strong opposition from the Royal Institution of Chartered Surveyors and National Association of Estate Agents, who argued that the packs were useless as they ...




VAT to hit 20% under new coalition Government

by Kay Murchie
”VAT
Leading economists have said VAT will rise to 20% by the end of 2011 under the new coalition Government. According to a BBC survey, 24 out of 29 economists used by the Treasury expect the sales tax to rise, in order to try to pay back the UK’s fiscal deficit. Prior to the election, all three party leaders said a VAT ...




May 12, 2010

Bank of England unveils Quarterly Inflation Report

by Kay Murchie
’Bank
In its latest Inflation Report, the Bank of England is predicting that inflation would remain above the 2% target for the remainder of 2010. Last month, it was revealed the UK’s rate of inflation rose to 3.4% in March, up from 3% in February. The CPI inflation rate is a benchmark for the Bank of England’s rate-setting committee and as a result, ...





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