March 2020 Budget Update

2020-03-12T10:57:25+00:00March 12th, 2020|Categories: Budget Reports|Tags: , |

Just one month into his new role as Chancellor of the Exchequer, Rishi Sunak has delivered his first Budget Statement promising 'historic' investment in roads, railways, broadband and scientific research, as the government tries to deliver on its promise to level up the UK. Ahead of the Statement, the Chancellor said that it would be "a Budget for people right across the country - no region will be left behind." The Chancellor opened the Statement by addressing current coronavirus Covid-19 concerns. He said that there is likely to be a temporary disruption to the economy, but the government will [...]


2019-09-01T23:01:19+01:00November 25th, 2017|Categories: Budget Reports|Tags: , , , , , , , |

Chancellor Philip Hammond has delivered his first Autumn Budget under the new system he announced this time last year. The aim of the new system is for the Finance Bill, which is normally published after the annual Budget, to reach Royal Assent stage in the spring of each year, before the start of the following tax year. This change in the annual timetable is designed to help Parliament to scrutinise tax changes before the tax year where most take effect. The Finance Bill should be published on 1 December 2017. By the end of March 2018, the Office for [...]

Spring Budget 2017

2019-09-01T12:01:47+01:00March 28th, 2017|Categories: Budget Reports|Tags: , , |

SUMMARY Chancellor Philip Hammond has delivered his first, and seemingly last, Spring Budget Statement.  At the 2016 Autumn Statement, the Chancellor announced that, following the spring 2017 Budget, the government would be moving to a single major fiscal event each year. Future Budgets will be delivered in the autumn, which means there will now be a second Budget before the end of 2017 to switch to the new timetable. The aim of the new system is for the Finance Bill, which is normally published after the annual Budget, to reach Royal Assent stage in the spring of each year, [...]

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Autumn Statement Summary 2016

2019-09-01T11:52:26+01:00November 23rd, 2016|Categories: Autumn Statement|Tags: , |

Summary Chancellor Philip Hammond has delivered his Autumn Statement 2016, which is the first major review of government finances since the EU Referendum, and Mr Hammond's first major statement since taking responsibility for the work of the Treasury in July 2016. As previously speculated, this will be Mr Hammond's only Autumn Statement as it was confirmed that the government is to move to a single major fiscal event each year. This means that following the Spring 2017 Budget and Finance Bill, Budgets will be delivered in the Autumn, with the first one scheduled to take place in Autumn 2017. [...]

Budget Summary 2016

2019-09-01T11:36:38+01:00March 16th, 2016|Categories: Budget Reports|Tags: |

Summary This Budget was all about 'putting the next generation first'. The Chancellor said there are tough challenges ahead - financial markets are turbulent, productivity growth across the west is too low, and the outlook for the global economy is weak. However, the Government remains committed to its long term stability plan and will continue to put the next generation first - focusing on sound public finances to deliver security; lower taxes on business and enterprise to create jobs; reform to improve schools; investment to build homes and infrastructure; and help for working people who want to save for [...]

Autumn Statement Summary 2015

2019-09-01T11:35:53+01:00November 25th, 2015|Categories: Autumn Statement|Tags: |

Summary In his 2015 Spending Review (the first to be delivered since 2010) and Autumn Statement speech, Chancellor George Osborne said that the government is delivering on its commitment to put both economic and national security first. He referred to this as being a 'big Spending Review by a government that does big things'. The main headlining announcement concerned tax credits. As confirmed in the Summer Budget, the Chancellor said that the £12 billion of welfare savings the government has committed to will be delivered in full in a way that helps families during the transition to the new [...]

Summer 2015 Budget Summary

2019-09-01T11:35:36+01:00July 9th, 2015|Categories: Budget Reports|Tags: |

Chancellor George Osborne has delivered the first Budget by a wholly Conservative government in almost 20 years. The March 2015 Budget provided some clues as to possible new measures and of course, the Conservative election manifesto contained a wide range of commitments to be introduced during the course of the current parliament. The Chancellor said that this is a Budget for working families in a 'one-nation society'. In 'a big Budget for a country with big ambitions', he focused on how the government will continue with its deficit-reduction plans, whilst giving the promised support to 'hard-working families'. He said [...]

Budget Summary 2015

2019-09-01T11:34:58+01:00March 18th, 2015|Categories: Budget Reports|Tags: |

Summary This was a forward-looking Budget, with much of the content based on the assumption that the current Government will pick up where it left off, after the General Election on 7 May 2015. The sweeteners for voters include; a cut in duty on beer, cider and spirits, including whisky. The tax on road fuel is frozen, but the tax and NI charges for having the private use of a company car or van are set to increase above the levels which had already been predicted. There are two changes to entrepreneurs' relief which take effect immediately, but those [...]

Autumn Statement Summary 2014

2019-09-01T11:26:30+01:00December 3rd, 2014|Categories: Autumn Statement|Tags: |

Summary The Chancellor of the Exchequer pulled out a few surprises in his Autumn Statement. The most eye-catching is the reform of stamp duty land tax (SDLT), which is payable by purchasers of land and property. The changes should reduce the SDLT payable on 98% of transactions which complete from 4 December 2014 onwards. Small businesses should be pleased with the £1,500 business rate discount for small high street shops, cafes, pubs and restaurants. All employers will benefit from the zero rate of employers' national insurance for workers aged under 21, which is to be extended to apprentices aged [...]

Budget Summary 2014

2019-09-01T11:34:15+01:00March 19th, 2014|Categories: Budget Reports|Tags: |

Summary This was a Budget for bingo-playing baby-boomers who have not started to draw their private pensions. George Osborne announced some sweeping reforms to the taxation of pensions and halved bingo duty. The traditional "sin taxes" on booze and fuel have largely been frozen or even reduced, although tobacco suffers a 2% above inflation tax rise. The new "sins" appear to be; owning a valuable home through a company and operating a high-stakes gaming machine. Most individuals aged under 67 will feel the benefit of an increase in personal allowance from £10,000 to £10,500 in 2015. A transferable married [...]

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