Tag: Pre-Budget report

EU report calls for more action in reducing UK budget deficit

EU report calls for more action in reducing UK budget deficit

A report due to be released later this week by the European Commission is expected reveal the Government’s plans for reducing the budget deficit are not ambitious enough. A draft document, which has been seen by the Reuters news agency, warns Britain is not on target to trim its deficit in accordance with EU rules [...]

March 16, 2010 | 0 Comments More
HSBC chief warns of super tax

HSBC chief warns of super tax

In an interview with Sky News, HSBC chief executive Michael Geoghegan has warned of the dangers of the new super tax, introduced by the Government to claw back some of the bailout funds used to rescue the banking industry. The warning comes just a week after London Mayor, Boris Johnson, warned that high-earning bankers are [...]

January 20, 2010 | 0 Comments More
Super tax is threat to London warns Mayor

Super tax is threat to London warns Mayor

London Mayor, Boris Johnson, has warned that high-earning bankers are leaving the capital because of the super tax which has been introduced by the Government. In the recent Pre-Budget Report (PBR), UK Chancellor Alistair Darling confirmed there would be a one-off 50% tax on bankers’ bonuses paid above £25,000. The Chancellor said the banks, rather [...]

January 15, 2010 | 0 Comments More
HMRC confirms which organisations are affected by new super tax

HMRC confirms which organisations are affected by new super tax

HM Revenue & Customs (HMRC) has confirmed that the bank bonus tax will not apply to staff of non-banking firms such as insurers, assets managers and stockbrokers. There were queries about which organisations would be affected by the 50% tax, which was announced the Pre-Budget Report, but it has been confirmed that it will apply [...]

December 21, 2009 | 0 Comments More
Government sacred cows endanger UK turnaround

Government sacred cows endanger UK turnaround

The UK branch of the Turnaround Management Association (TMA) is warning that Alistair Darling’s bid to postpone tackling Britain’s debt mountain until after next year’s General Election creates a real risk of the country’s credit rating being downgraded. The body, which represents practitioners in corporate renewal and turnaround management, believes the delay could have “severe” [...]

December 14, 2009 | 0 Comments More
Support for Mortgage Interest scheme extended

Support for Mortgage Interest scheme extended

In yesterday’s pre-Budget report, Chancellor of the Exchequer Alistair Darling confirmed that the Government’s Support for Mortgage Interest scheme will be extended for another six months. The scheme was introduced earlier this year, with the intention of helping mortgage borrowers remain in their homes if they suffer a temporary fall in income, but are expected [...]

December 10, 2009 | 0 Comments More
No extension to stamp duty holiday

No extension to stamp duty holiday

The Chancellor of the Exchequer has chosen not to extend the stamp duty holiday, which comes to an end on 31st December, despite hopes that the UK’s housing market would be buoyed by a further concession on the tax. From 1st January, the duty becomes payable at 1% on properties worth between £125,000 and £175,000, [...]

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Darling unveils plans to cut UK’s ballooning debt

Darling unveils plans to cut UK’s ballooning debt

At today’s Pre-Budget Report, Chancellor of the Exchequer Alistair Darling unveiled measures to claw back money in order to pay off the UK’s spiralling debt. Mr Darling confirmed there would be a one-off 50% tax on bankers’ bonuses paid above £25,000. The Chancellor said the banks, rather than the bankers, will pay the tax and [...]

December 9, 2009 | 0 Comments More
Pre-Budget Report: Chancellor told Britain facing ‘fiscal crisis’

Pre-Budget Report: Chancellor told Britain facing ‘fiscal crisis’

Today is the day of the Pre-Budget Report and Chancellor Alistair Darling will give more detailed plans about how the Government intends to halve the £180 billion deficit. Moody’s credit rating agency has warned that Britain is facing a “fiscal crisis” unless the Government takes action to pay off the debt or risk losing its [...]

Banking industry criticise Treasury’s plans for windfall tax

Banking industry criticise Treasury’s plans for windfall tax

Over the weekend, it emerged that Chancellor Alistair Darling is expected to announce a windfall tax on British banks in Wednesday‘s Pre-Budget Report. The measure is one of many being planned by Mr Darling to target high earners. Other measures include increasing the number of people liable to pay inheritance tax, as well as an [...]

December 7, 2009 | 0 Comments More
Government unveils plans to slash public spending

Government unveils plans to slash public spending

Prior to Wednesday’s Pre-Budget Report, Prime Minister Gordon Brown has outlined plans to slash public spending by £12 billion over four years - 25% more than originally thought a few months ago. Mr Brown will endeavour to show how Labour plans to slash the UK’s budget deficit by half. In a speech today, the PM [...]

Plans for windfall tax on bankers’ bonuses

Plans for windfall tax on bankers’ bonuses

In the Pre-Budget Report this week, Chancellor Alistair Darling is expected to announce a windfall tax on British banks. The measure is one of many being planned by Mr Darling to target high earners. Other measures include increasing the number of people liable to pay inheritance tax, as well as an increase in capital gains [...]

December 6, 2009 | 0 Comments More
Chancellor set to admit recession worse than feared in pre-Budget report

Chancellor set to admit recession worse than feared in pre-Budget report

In next month’s pre-Budget report, Chancellor Alistair Darling is expected to sharply revise his forecast downwards for the UK economy, according to Treasury sources. The Chancellor is expected to say that the UK economy contracted by 4.75% in 2009 - far more than the 3.5% he predicted in March’s Budget. However, while he is expected [...]

November 30, 2009 | 0 Comments More
Bank issues latest quarterly inflation report

Bank issues latest quarterly inflation report

The Bank of England’s latest quarterly inflation report, published today, has revealed a much better outlook for the UK economy than its previous report in August. The Bank increased its forecast for economic growth over the next two years predicting that gross domestic product (GDP) should rise above 4% early 2011 before slowing to 3% [...]

November 11, 2009 | 0 Comments More
David Blanchflower predicts unemployment could reach 4 million

David Blanchflower predicts unemployment could reach 4 million

David Blanchflower, one of the more publicly recognised policy makers in the Bank of England, has given a warning shot to the government that unless evasive action is taken in order to tackle the recession head on, by spending in excess of £90bn on new projects, unemployment may reach unthinkable levels of 4 million. The [...]

March 24, 2009 | 0 Comments More
Further details of deferred mortgage repayment scheme

Further details of deferred mortgage repayment scheme

Further details have emerged of the Government’s plans to help homeowners struggling with mortgage payments, as outlined in the Chancellor of the Exchequer’s November pre-budget report. The new measures allow homeowners who fit the criteria to defer interest payments on their loans for a period of up to two years. The Government will guarantee a [...]

December 11, 2008 | 0 Comments More
Pre-Budget Report key points unveiled

Pre-Budget Report key points unveiled

After today’s Pre-Budget Report was delivered by Chancellor Alistair Darling, the FTSE 100 soared nearly 10% (the biggest ever one-day gain), as plans to boost the UK’s economy were unveiled. The measures announced by the Chancellor are hoped to prevent the economy from a ‘very deep recession’. However, the measures come at a high price [...]

November 24, 2008 | 0 Comments More
Darling to unveil tax increases for wealthy in Pre-Budget Report

Darling to unveil tax increases for wealthy in Pre-Budget Report

Chancellor Alistair Darling’s plans to boost the economy were unveiled over the weekend after it was announced that he plans to cut VAT by 2.5% in a bid to stimulate the economy and prevent a ‘very deep recession’. However, the plans to boost the economy are to come at a high price after the Government [...]

Darling’s plans to boost economy are revealed

Darling’s plans to boost economy are revealed

Chancellor Alistair Darling is to announce plans to boost the economy in his Pre-Budget report this week. The plans are expected to include spending rises and a cut in VAT by 2.5% in a bid to stimulate the economy and prevent a ‘very deep recession’. However, the plans will come at a huge price as [...]

November 23, 2008 | 0 Comments More