UK Budget


Summary of UK Chancellor’s Autumn Statement 2011

The Chancellor has today delivered his autumn statement to Parliament, alongside the publication of the Office for Budget Responsibility’s updated forecasts for growth and borrowing. He announced permanent reductions in spending to ensure that the UK meets its fiscal targets, using some of those savings in the short term to fund infrastructure investment to generate [...]

VAT rises to 20% - Emergency, Post-Election, Budget - June 22nd 2010

Chancellor George Osborne announced today that the standard rate of VAT will rise to 20% from 4th January next year (2011).
This is one of his measures for accelerating the reduction of the nation’s deficit.
Other measures included:

2 year pay freeze for public sector workers earning over £21,000.
reducing tax credits for families earning over £40,000.
and what he [...]

UK Budget 2010 - Measures For Supporting Business and Growth

The UK Treasury has released further information following the Chancellor’s Budget Statement (Wednesday March 24th 2010). The following is an excerpt from the notice that outlines the particular measures for supporting business and growth.

The Government took decisive action to support the economy during the financial crisis and its aftermath. As the UK emerges from [...]

2010 UK Budget Date Announced

The UK Chancellor of the Exchequer confirmed today that his Budget Report Statement to the House of Commons will occur  on Wednesday the 24th March 2010 at 12.30 pm.
news source:  http://www.hm-treasury.gov.uk/budget2010.htm

Alistair Darling confirms return to 17.5 percent VAT on January 1st 2010 in Pre-Budget Report

The UK Chancellor of the Exchequer,  Alistair Darling, introduced a temporary lower rate of VAT in last year’s pre budget report.
There was some speculation that he might have extended this reduction beyond the original term. However, in today’s pre-budget report statement to the House of Commons, he said:
I can confirm that VAT will return to [...]

No Sacred Cows in Pre-Budget Report Please - British Chambers of Commerce (BCC) Economic Forecast - December 2009

British Chambers of Commerce (BCC) Economic Forecast - December 2009
Ahead of the Chancellor’s Pre-Budget Report, the British Chambers of Commerce (BCC) has today published its latest Economic Forecast. The business group, which calls itself “the National Voice of Local Business”, has made downward revisions to its GDP expectations for 2009 and 2010, but is more [...]

Chancellor Alistair Darling Announces 50 percent tax on higher earnings

The UK Chancellor of the Exchequer, today, announced the government’s mid-term economic forecasts and their tax and spending plans.
Amongst the measures, he announced a 50% rate of tax on incomes above £150,000.
…However, as the economy recovers and wages start to grow again, it is right that we take additional steps.
I believe that it is fair [...]

April fuels day increase

From tomorrow, 1 April, UK families will start to pay on average an additional £54 a year in tax on car fuels, the AA warns. In just over 12 months, that could rise to more than £150 extra. Millions of motorists may think this increase is being sneaked through before the Budget.
The Chancellor had postponed [...]

Fuel duty increase postponed

The Chancellor of the Exchequer, Alistair Darling MP, today announced that he is postponing the 2 pence per litre increase in fuel duty that was expected to take place on 1 October 2008.
As a result of this decision, main road fuel duty rates will remain at 50.35 pence per litre after 1 October this year. [...]

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