The government is to outline plans to raise the retirement age to 70. The plan is to raise the retirement age to 66 as early as 2016, with the further option of raising it to 70. The previous age of 65 is set to be scrapped as Deputy Prime Minister Nick Clegg believes the changes [...]
Kenneth Feinberg, the man in charge of the $20 billion (£13.5 billion) compensation fund for victims of the Gulf of Mexico, says he will do his utmost to ensure claims are paid promptly. Feinberg was also in charge of the fund for victims of the 9/11 terrorist attack in New York. BP agreed to the [...]
Acting Labour leader Harriet Harman believes today’s budget is “reckless” and would lead to thousands of job losses in the near future. She believes the combination of cuts to public spending and tax rises will put Britain’s economic recovery at risk and punish “those who can least afford it”. Chancellor George Osborne said the tough [...]
Chancellor George Osborne has announced that VAT will rise from 17.5% to 20% in January, in what is the biggest batch of tax rises and cuts to public spending since the second World War. Presenting his budget in the commons, he said it was “tough but fair”. There was good news as well as bad [...]
Britain’s record deficit of £155 billion will be tackled by tax increases and huge cuts to public spending, Chancellor George Osborne will announce in his budget today. The new measures, to bring economic “fairness” across the country, will hit high earners hardest, while up to 900,000 low earners will be able to work tax free. [...]
The coalition government will proceed with its plan to freeze council tax this year, despite the deficit. Major cuts to public spending and increases in tax are expected in tomorrow’s budget by chancellor George Osborne, and the council tax freeze is thought to be a way of softening the blow, as Osborne seeks to steer [...]
Chancellor George Osborne will outline steps in his budget on Tuesday that will steer Britain away from “the road to ruin”, he told the BBC. Osborne believes his four year budget plan will help turn around “a truly awful financial situation” that the coalition government have inherited from Labour. An increase in non-business capital gains [...]
Ministers have warned that they will no longer fund local authorities to buy speed cameras dubbed “cash cows”. The government will stop the millions of pounds handed out each year to local authorities to build and install new speed cameras, Transport minister Mike Penning said yesterday. Mr Penning said councils should use other means of [...]
The level of mortgage lending in the UK is still at a relatively low level, according to the Council of Mortgage Lenders. The Council said that tax increases and cuts to public spending would likely signal a further decline in mortgage lending. Although the level of lending has risen over previous months, it’s still some [...]
As expected, the Bank of England has kept interest rates at a record low of 0.5%, ahead of the new coalition government’s budget on June 22nd, when the extent of financial tightening will be revealed. The bank is not expected to make changes to fiscal policy until next year as it attempts to counter the [...]
