Tag: George Osborne

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
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
Osborne shows support for Lagarde to take IMF role

Osborne shows support for Lagarde to take IMF role

Chancellor George Osborne has showed his support for Christine Lagarde to take over as chief at the International Monetary Fund (IMF). Mr Osborne believes the 55-year-old Economy Minister is an “outstanding candidate” for the position and is set to formally nominate her. The chief role at the IMF is available after Dominique Strauss-Kahn was forced [...]

May 22, 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
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
NIESR forecasting three rate rises this year

NIESR forecasting three rate rises this year

Influential think tank, the National Institute for Economic and Social Research (NIESR) is expecting the Bank of England to lift interest rates three times this year. The London-based think tank made the comments after calling on Chancellor George Osborne to consider deferring the harsh spending cuts the Government has introduced. Ray Barrell of the NIESR [...]

February 1, 2011 | 0 Comments More
OBR revises UK growth prospects

OBR revises UK growth prospects

The Office of Budget Responsibility (OBR), which was established in May, has today revised 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, has lifted its economic growth forecast from 1.2% to 1.8% - slightly higher [...]

November 29, 2010 | 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 banks to agree to code of practice

UK banks to agree to code of practice

Chancellor George Osborne has today announced that UK banks will have until next month to sign up to a code of practice, in a bid to get them to pay more tax. Speaking to BBC television today, Mr Osborne said: “We are going to be looking at the code of practice that the banks were [...]

October 17, 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
IMF: UK economy “on the mend”

IMF: UK economy “on the mend”

The International Monetary Fund (IMF) has today said it supports the Coalition Government’s tough austerity measures, designed to cut the budget deficit. The support comes despite many experts suggesting that the tough measures could pose a threat to the fragile recovery, because spending cuts and a hike in taxes will have slashed the forecast for [...]

September 27, 2010 | 0 Comments 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
Top bankers to address lending concerns

Top bankers to address lending concerns

The bosses of Britain’s top six banks are to establish a taskforce to address the shortage of lending to businesses. In a letter to Chancellor George Osborne, British Bankers’ Association (BBA) chairman, Stephen Green, said there was a “need to make sure that viable businesses are able to obtain the finance they need to support [...]

August 9, 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
Government borrowing hits £16bn in May

Government borrowing hits £16bn in May

The Office for National Statistics (ONS) has today revealed the UK Government borrowed £16 billion in May. However, the figure was lower than the £18 billion expected and was 8% less than the figure in May 2009. Overall, Government debt stands at £903 billion – the equivalent to 62.2% of GDP - the highest ever. [...]

June 18, 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