Tag: tax hikes

Report suggests pension age will have to rise to 70

Report suggests pension age will have to rise to 70

A report by accountants PricewaterhouseCoopers (PwC) has waned that the pension age may have to rise to 70 by 2046 in order to deal with Britain’s debts. Current plans introduced by the coalition Government will see the state pension age lifted to 66 for both men and women by 2020. The pension age will then [...]

July 6, 2011 | 0 Comments More
Greek parliament approves fresh austerity measures

Greek parliament approves fresh austerity measures

Greece’s parliament has today approved the fresh round of austerity measures – designed to save the country from defaulting on its debts. The measures were one of the conditions of the next instalment of its bailout loan. MPs passed the measures by 155 votes to 138. The latest austerity measures will according to Prime Minister [...]

June 29, 2011 | 0 Comments More
Greece hit by further 48-hour general strike

Greece hit by further 48-hour general strike

Protesters have gathered on the streets of Athens today as a 48-hour general strike commences, which will see the country come to a virtual standstill. Apart from the metro, no public transport is operating as many people opt to join the fourth general strike called this year by the country’s two largest unions. The general [...]

June 28, 2011 | 0 Comments More
Single parents will suffer most from benefit cuts

Single parents will suffer most from benefit cuts

According to the Fawcett Society, the gender equality charity, lone parents are set to be squeezed by the Government’s austeirty measures, which include cuts to benefits and tax hikes. A report by the Society explains the public service cuts will result in lone mothers losing an average 8.5% of their income after tax by 2015. [...]

June 23, 2011 | 0 Comments More
IMF downgrades Japanese economic growth

IMF downgrades Japanese economic growth

The International Monetary Fund (IMF) has downgraded its growth prospects for the world’s third largest economy. The Fund expects the Japanese economy to contract by 0.7% in 2011, much lower than its previous estimate of 1.4%. The IMF said it lowered its growth forecasts because of March’s earthquake and tsunami. The twin disasters caused billions [...]

June 8, 2011 | 0 Comments More
Next warns of challenging times ahead

Next warns of challenging times ahead

Next, which is Britain’s second largest fashion retailer, has today said consumers are tightening their purse strings in the face of soaring inflation and Government spending cuts. The retailing giant announced record profits but has warned of challenging times ahead for the High Street. It shares jumped 5% earlier today after posting record profits of [...]

March 24, 2011 | 0 Comments More
John Lewis reports further slowdown in weekly sales

John Lewis reports further slowdown in weekly sales

The slowdown in consumer spending looks set to continue after the John Lewis Partnership, which is regarded as a barometer of British retailing, reported a further fall in weekly sales. The renowned employee-owned chain said department store sales fell 0.9% o £49.5 million in the week to 29 January. In the week to 22 January, [...]

February 4, 2011 | 0 Comments More
Government to slash funding for debt advice charities

Government to slash funding for debt advice charities

The Government’s massive spending cuts, which were introduced to trim the spiralling budget deficit, is to lead to a cut in funding for debt advisers. The news comes as debt advice charities are at their busiest as households are squeezed by unemployment, tax hikes and rising inflation. As a result, many debt advisers believe that [...]

February 1, 2011 | 0 Comments 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 country’s deficit to 7.4% of GDP next year, down from [...]

December 23, 2010 | 0 Comments More
BRC reveals slowdown in November retail sales

BRC reveals slowdown in November retail sales

Falling temperatures led to a slowdown in retail sales in November, the British Retail Consortium (BRC) revealed today. According to the BRC, values were just 0.7% higher compared with November 2009 as consumers are cautious about the uncertainty surrounding the economy and are fearful of spending cuts and rising taxes. The cold weather and snowfall [...]

December 7, 2010 | 0 Comments More
US heading for harsh spending cuts to bring deficit down

US heading for harsh spending cuts to bring deficit down

A US panel has been established to help slash the budget deficit and it is calling for harsh spending cuts and tax hikes. In the 12 months to September, the budget deficit stood at $1.3 trillion (£837 billion) and experts have argued that more should be done to narrow the gap. This week, President Barack [...]

December 1, 2010 | 0 Comments More
Portuguese strikes bring country to a standstill, fears for Spain grow

Portuguese strikes bring country to a standstill, fears for Spain grow

Portugal came to a standstill today after its biggest strike in more than 20 years as workers protested against the Government’s austerity measures. The Government has introduced massive spending cuts and tax hikes, which are currently being pushed through parliament. They are aimed at bringing the budget deficit down to 4.6% next year, from the [...]

November 24, 2010 | 0 Comments More
Portugal’s parliament approves austerity budget

Portugal’s parliament approves austerity budget

Portugal’s parliament yesterday endorsed tough austerity measures - designed to deal with the country’s spiralling budget deficit. Many euro zone nations have introduced similar measures as they tackle large levels of debt. The new austerity budget is aimed at trimming the deficit from 7.3% of economic output in 2010 to 4.6% in 2011. However, the [...]

November 4, 2010 | 0 Comments More
Brits saving amid economic and unemployment uncertainty

Brits saving amid economic and unemployment uncertainty

A study by National Savings & Investments (NS&I) has revealed that Britons are topping up their savings on a regular basis, amid fears about rising unemployment and uncertainty surrounding the economy. Government-backed NS&I, which runs Premium Bonds and a variety of savings products, said over half of Britons are regularly setting money aside. Britons are [...]

October 11, 2010 | 0 Comments More
Bovis: Consumers hit by spending cuts and tax hikes

Bovis: Consumers hit by spending cuts and tax hikes

Housebuilder Bovis Homes has today claimed the coalition Government’s spending cuts and tax hikes have dented consumer confidence. Its claim comes as the company reported a pre-tax profit of £3.5 million in the first half of 2010, compared with a loss of £8.6 million for the same period last year, Meanwhile, it added it planned [...]

August 23, 2010 | 0 Comments More
Brits brace themselves for harsh spending cuts in today’s budget

Brits brace themselves for harsh spending cuts in today’s budget

Today’s budget, which represents the tightest in 3 decades, is likely to bring painful tax hikes and harsh spending cuts. The tough measures are designed to deal with Britain’s record deficit of £155 billion and will be delivered today by Chancellor George Osborne at 1230 BST (1130 GMT). According to Mr Osborne, the massive spending [...]

June 22, 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
Business group urges Chancellor not to raise taxes in next week’s budget

Business group urges Chancellor not to raise taxes in next week’s budget

Chancellor George Osborne will unveil his emergency budget next week and tax hikes are expected. However, according to business group, the British Chambers of Commerce (BCC), “punishing” tax rises could hit economic growth. A rise in capital gains tax (CGT) is expected. This is the levy firms or individuals pay on the profit gained from [...]

June 18, 2010 | 0 Comments More
IFS issues caution to Government in its quest to repair public finances

IFS issues caution to Government in its quest to repair public finances

A report by the Institute for Fiscal Studies (IFS) has said the Government needs to be ambitious in tackling the public finances but warned that economic recovery should not be put at “undue risk”. The Institute believes an extra £13 billion in tax hikes or spending cuts is required by 2015-16 in order to repair [...]

February 3, 2010 | 0 Comments More
CEBR calls for major tax hikes and spending cuts

CEBR calls for major tax hikes and spending cuts

The influential think tank, the Centre for Business and Economic Research (CEBR), has warned that drastic measures are needed to get the UK’s budget deficit down to £50 billion by 2014/15. The UK recorded a record budget deficit of nearly £90 billion in 2008/09. The think tank suggested that the deficit could exceed the £150 [...]

July 13, 2009 | 0 Comments More