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....The chancellor, Philip Hammond, revised the government’s pledge to bring down the deficit in his autumn statement last year when he set a target for a balanced budget by the middle of the next decade, rather than his predecessor’s forecast of 2020. The Office for Budget Responsibility, the Treasury’s independent forecaster, expects public sector net borrowing to increase this year and then resume its downward path. ... [Read full article on Guardian ]
Wednesday 21st of June 2017 10:49:47 AM
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.... The survey looked at the cost of hiring a compact family car, such as a VW Golf, for a week this summer (29 July-5 August) in 15 countries: Australia, Canada, Croatia, France, Germany, Greece, Ireland, Italy, Portugal, Spain, Switzerland, Turkey, the Netherlands, the UK and the US. Six companies were compared: Hertz, Avis, Budget, Europcar, Enterprise and Sixt. ... [Read full article on Guardian ]
Saturday 24th of June 2017 05:59:00 AM
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Latest Finance News related to Budget

Holiday car hire: how to avoid the add-ons that can double your bill image
Source : Guardian [Read Article] Saturday 24th of June 2017 05:59:00 AM
.... The survey looked at the cost of hiring a compact family car, such as a VW Golf, for a week this summer (29 July-5 August) in 15 countries: Australia, Canada, Croatia, France, Germany, Greece, Ireland, Italy, Portugal, Spain, Switzerland, Turkey, the Netherlands, the UK and the US. Six companies were compared: Hertz, Avis, Budget, Europcar, Enterprise and Sixt. ...
UK budget deficit to increase this year amid living standards squeeze image
Source : Guardian [Read Article] Wednesday 21st of June 2017 10:49:47 AM
....The chancellor, Philip Hammond, revised the government’s pledge to bring down the deficit in his autumn statement last year when he set a target for a balanced budget by the middle of the next decade, rather than his predecessor’s forecast of 2020. The Office for Budget Responsibility, the Treasury’s independent forecaster, expects public sector net borrowing to increase this year and then resume its downward path. ...
Philip Hammond under pressure to spend to lure voters back to Tories image
Source : Guardian [Read Article] Saturday 17th of June 2017 03:00:41 PM
.... That was also £3bn smaller than forecast at the time of Hammond’s maiden budget in March. The government’s independent forecaster, the Office for Budget Responsibility (OBR), said in March that the deficit was expected to widen again this year to £55. ...
Pensions triple lock: What is the triple lock and will Theresa May get rid of it? image
....“This is because every time earnings grow by less than either 2½% or prices then the value of the state pension would ratchet up as a share of average earnings,” it explains. The Office for Budget Responsibility estimates that by keeping the triple lock, Government spending would increase by 1. ...
Republicans take aim at Dodd-Frank financial rules image
Source : BBC [Read Article] Thursday 8th of June 2017 02:18:10 PM
....It would also loosen rules on home loans and allow banks to opt out of Dodd-Frank rules if they maintain a 10% ratio of capital to assets. The Congressional Budget Office estimates the changes would lower the federal deficit by about $24bn. ...
Skipton Building Society to launch cash Lisa – that’s a lifetime Isa  image
Source : Daily Express [Read Article] Tuesday 6th of June 2017 02:36:00 PM
....Lifetime Isas, or Lisas, can be opened by people aged between 18 and 39 to save for their first home, or their retirement, in the same pot, with a government bonus added. Lisas were unveiled during the Budget in March 2016 by the then chancellor, George Osborne. ...
Qatar row: Economic impact threatens food, flights and football image
.... Both carriers operate four daily return flights to Doha. Budget carriers FlyDubai and Air Arabia are also cancelling routes to Doha, with other airlines, including Bahrain's Gulf Air and Egyptair expected to follow suit. ...
Highest rate taxpayers at record level image
Source : BBC [Read Article] Thursday 1st of June 2017 08:14:15 AM
....3 million taxpayers in the UK. The Treasury published analysis at the time of the Budget predicting what proportion of incomes people would be spending on all taxes by 2019-20. ...
Small firms hit by rates relief delay image
Source : BBC [Read Article] Monday 29th of May 2017 11:14:13 PM
.... . The chancellor announced a package of measures in the March Budget, including a cap for the most vulnerable firms who were facing huge hikes in their bills. ...
Back to work image
Source : BBC [Read Article] Sunday 28th of May 2017 11:09:28 PM
.... The number of programmes offered have grown from three in 2014 to 27 announced for 2017 so far. In the March 2017 Budget, the government allocated £5m for "return to work" schemes. ...
Tories and Labour not being honest with voters: IFS image
Source : BBC [Read Article] Friday 26th of May 2017 08:21:41 AM
.... . "Additional funding pledges for the NHS and schools are just confirming that spending would rise in a way broadly consistent with the March Budget," he told a briefing in London on Friday. ...
TUC urges government to help boost pay as debt nears record levels image
Source : Guardian [Read Article] Thursday 25th of May 2017 05:01:19 AM
....“The surge in household debt is putting the economy in the danger zone,” O’Grady said, in response to a TUC analysis showing that the average unsecured debt per household stood at £13,200 last year – only £100 below the record reached in 2007. On the basis of forecasts for the future course of the economy produced by the independent Office for Budget Responsibility, the TUC said household debt would reach £13,900 this year and top £15,000 before the end of the next parliament. ...
Proud papa image
Source : BBC [Read Article] Wednesday 24th of May 2017 11:55:48 PM
....It is also one of the few added benefits in a budget that is filled with billions of dollars in cuts to social services and programmes. "It kind of sticks out - it's almost the only domestic initiative in the entire budget," says Isabel Sawhill, senior fellow in economic studies at the Brookings Institution, and the former associate director of Office of Management and Budget for the Clinton administration. ...
White House denies 'egregious' budget accounting error image
Source : BBC [Read Article] Wednesday 24th of May 2017 05:46:23 PM
....A prominent conservative economist agreed there was a discrepancy. Douglas Holtz-Eakin, president of the American Action Forum and former director of the Congressional Budget Office, told the Los Angeles Times the numbers "don't seem to match". ...
Trump's $4.1tr budget takes hatchet to safety net image
Source : BBC [Read Article] Tuesday 23rd of May 2017 03:31:49 PM
.... . But that forecast is well beyond the independent Congressional Budget Office assumptions of 1. ...
London economy subsidises rest of UK, ONS figures show image
Source : Guardian [Read Article] Tuesday 23rd of May 2017 10:26:10 AM
....Borrowing in 2016-17 was lowered by a number of one-off factors that will not be repeated this year. As a result, the Office for Budget Responsibility has forecast that the deficit will rise to £58bn in 2017-18. ...
How can Macron unite Europe? He could start with its armies | Hans-Werner Sinn image
....•Hans-Werner Sinn is a professor of economics and public finance at the University of Munich, was president of the Ifo Institute for Economic Research and serves on the German economic affairs ministry’s advisory council. He is the author, most recently, of The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs. ...
Government borrowing at three-year April high image
Source : BBC [Read Article] Tuesday 23rd of May 2017 09:24:08 AM
....This was below the figure of £51. 7bn forecast by the Office for Budget Responsibility and was the lowest annual borrowing total since the financial year ending in March 2008. ...
'Ordinary' people image
Source : BBC [Read Article] Monday 22nd of May 2017 11:27:59 PM
....Helped by low inflation, a couple of recovery years followed, but real wages are once again falling as pay fails to keep up with inflation. Combined with the Office for Budget Responsibility's gloomy economic forecasts for the coming years, it looks likely that average real pay will be lower in the years 2011 to 2020 than it was between 2001 and 2010. ...
Growth slump as rising prices slowed consumer spending, figures to show image
....It was the lowest deficit since 2007-08, and meant that chancellor Philip Hammond essentially met his £51. 7bn target, set by by the Treasury’s independent forecaster, the Office for Budget Responsibility, at the time of the budget in March. ...
Lloyds claims taxpayers have made £900m profit from bailout image
Source : Guardian [Read Article] Wednesday 17th of May 2017 07:37:15 AM
AirAsia to launch China joint venture image
Source : BBC [Read Article] Monday 15th of May 2017 02:55:06 AM
. Budget airline AirAsia has signed a joint venture agreement to set up a new low-cost carrier in China. ...
The left must take a lesson from the right and come together to win | Will Hutton image
.... Millions of powerless contract workers in the gig economy need to have the chance to be served by strengthened trade unions. An Office of Budget Responsibility for Health would help to ensure the proper, ongoing funding for the NHS. ...
National minimum wage increases could cost jobs, IFS warns image
Source : BBC [Read Article] Wednesday 10th of May 2017 11:30:22 PM
....When he was chancellor, George Osborne said the level should reach £9 an hour by 2020. However the Office for Budget Responsibility has estimated the figure will be £8. ...
UK will face pay squeeze this year as inflation spikes, warns thinktank image
Source : Guardian [Read Article] Wednesday 10th of May 2017 04:57:33 AM
....The prediction for a spike in inflation of 3. 4% is well above the level forecast by the Office for Budget Responsibility, the Treasury’s independent forecaster, which said earlier this year inflation would reach 2. ...
Five minute guide to ever-increasing inheritance tax  image
Source : Daily Express [Read Article] Sunday 7th of May 2017 12:01:00 AM
....The bill is expected to top £6. 2 billion within the next five years, according to the latest figures from the Office for Budget Responsibility. ...
General election 2017: Labour rules out tax rises for 95% of earners image
....Chancellor Philip Hammond has said that "greater flexibility" would be needed in future to pay down the deficit and reduce levels of debt. He abandoned proposals in March's Budget to increase national insurance contributions for the self-employed following a Tory rebellion, with MPs claiming the move breached its 2015 manifesto. ...
UK economy grows by 0.3% as service sector slows image
Source : BBC [Read Article] Friday 28th of April 2017 08:32:58 AM
Pensions triple lock: what you need to know image
Source : Guardian [Read Article] Thursday 27th of April 2017 01:39:07 PM
....Forecasting rises in earnings and inflation from 2017 to 2060 is a tricky business. The Office for Budget Responsibility has a go in its regular reports on the sustainability of the government’s finances. ...
​Trump tax plan could save him millions under guise of helping small businesses image
....The secretive nature of the Trump Organization, which the president has not divested from, and the lack of Trump’s own tax returns to work with, made it difficult to pin down how much the president and his family could stand to gain from the tax code changes proposed on Wednesday, analysts said. Chuck Marr, director of federal tax policy at the nonprofit Center on Budget and Policy Priorities, referred the Guardian to a paper in which he wrote that, “conservatively… the Trump plan would give the 400 highest-income households a tax break of about $9m each” per year. ...
Trump under fire over 'huge tax cut for the rich' image
Source : Guardian [Read Article] Wednesday 26th of April 2017 06:35:17 PM
UK government borrowing at lowest level since 2008 financial crisis image
Source : Guardian [Read Article] Tuesday 25th of April 2017 10:39:40 AM
....The lower deficit meant the chancellor, Philip Hammond, essentially met his £51. 7bn target for borrowing in 2016-17, as outlined by the Treasury’s independent forecaster, the Office for Budget Responsibility, at the time of the budget in March. ...
Government deficit at lowest since financial crisis, says ONS image
Source : BBC [Read Article] Tuesday 25th of April 2017 09:21:26 AM
....That was the lowest level since the financial crisis of 2008, the Office for National Statistics (ONS) said. In Chancellor Philip Hammond's Budget last month, the Office for Budget Responsibility had forecast the deficit would be slightly lower at £51. ...
A hasty election before Britain sees the hard truth of Brexit image
Source : Guardian [Read Article] Sunday 23rd of April 2017 05:59:05 AM
....At a time when this country has a surfeit of economic problems – for example, the pressure on the health service and social care, the savage cuts to the budgets of state schools, and the rise in crime associated pretty obviously with cuts to the police force – the last thing we need is Brexit on top of a misconceived austerity programme. After the election there will presumably be a July budget, accompanied by forecasts from the estimable Office for Budget Responsibility, which will begin to show the economic consequences of the government’s acceptance of a referendum that was conducted beneath a veil of ignorance and deceit. ...
Lloyds bank bailout repaid in full, says Philip Hammond image
Source : Guardian [Read Article] Friday 21st of April 2017 05:00:20 PM
.... It also does not take account of the £3. 6bn cost incurred to bail out out the bank, although the Office for Budget Responsibility has said it still expects the government to make £100m when fees from Lloyds are included. ...
Reality Check image
Source : BBC [Read Article] Wednesday 19th of April 2017 01:31:06 PM
....Indirect taxes such as VAT and fuel duty are not progressive though - people with lower incomes do not pay lower rates - so we need to consider all taxes. The Treasury published analysis at the time of the Budget predicting what proportion of incomes people would be spending on all taxes by 2019-20. ...
How Britain can build a successful, lasting industrial strategy image
Source : Guardian [Read Article] Sunday 16th of April 2017 10:03:01 AM
....Finally, the industrial strategy goals should have independent monitoring of the progress made, or the lack of it. The government should take its industrial targets as seriously as its fiscal targets, with an independent watchdog created along the lines of the Office for Budget Responsibility. ...
Child Tax Credit changes come into force TODAY – what it means for YOU image
Source : Daily Express [Read Article] Thursday 6th of April 2017 10:54:00 AM
.... . In the 2015 Budget Speech, former Chancellor George Osborne said: “In the current tax credit system, each extra child brings an additional payment of £2,780 a year. ...
North Sea oil and gas industry cost UK taxpayer £396m in 2016 image
Source : Guardian [Read Article] Tuesday 4th of April 2017 12:25:40 PM
.... But the future outlook is uncertain, given the costs of decommissioning and the fluctuations in the oil price. In March 2016 the Office for Budget Responsibility forecast that the sector would receive a net payment of £1bn a year for the next five years from UK taxpayers. ...
FTSE 100 falls as pound jumps against dollar image
Source : BBC [Read Article] Monday 27th of March 2017 08:11:23 AM
.... . "But the Congressional Budget Office also highlighted that the savings expected from Trump's healthcare bill would be much less than expected, which could limit the size and scope of his infrastructure spending plan. ...
We’re in a fine mess if George Osborne is our last hope of halting Brexit image
.... And when the Brexiters threaten Nicola Sturgeon with dire warnings about Scotland losing its largest market, namely England, they seem unaware of the irony that the newly fashionable strategy of “no agreement is better than a bad agreement” involves England itself leaving its largest market. The furore over national insurance dominated coverage of the budget but, for me, the really interesting aspect, apart from Chancellor Philip Hammond’s choice to continue with George Osborne’s socially destructive austerity programme, was that the Office for Budget Responsibility (OBR) report on the economic and fiscal outlook contained a sober assessment of the consequences of Brexit for our economy – and it was hardly calculated to lift the spirits. ...
Wall Street’s love affair with Trump cools as healthcare bill sows welcome doubts image
....The second is that the president’s ambitions may well have to be scaled down. Trump wants to use the savings from replacing Obamacare with something cheaper to fund his fiscal boost, but the Congressional Budget Office said last week that the impact on the budget deficit would be substantially less than originally estimated: a reduction of $150bn (£120bn), rather than $336bn. ...
Cheaper flights image
Source : BBC [Read Article] Sunday 26th of March 2017 02:50:44 AM
. Budget airlines have transformed air travel over the past two decades, making a flight almost as cheap as a coach journey for hundreds of millions of travellers. ...
Cycle courier wins holiday pay battle image
Source : BBC [Read Article] Friday 24th of March 2017 12:17:29 PM
.... . Last week, amid a public outcry, Chancellor Philip Hammond was forced to scrap plans to raise National Insurance contributions for self-employed people, which he had outlined in the recent Budget. ...
Brexit economy: UK faces squeeze on living standards image
Source : Guardian [Read Article] Friday 24th of March 2017 10:30:30 AM
....At his budget earlier this month, Philip Hammond was able to announce a brighter outlook for growth this year from the government’s independent forecasters. The Office for Budget Responsibility raised its forecast for GDP growth this year to 2% from 1. ...
Government borrowing falls in February image
Source : BBC [Read Article] Tuesday 21st of March 2017 11:02:34 AM
....Analysts said the figures meant the government was on track to meet revised borrowing targets. In the Budget, the Office for Budget Responsibility revised its end-of-year borrowing forecast to £51. ...
NHS trust triples injury payout to £9.3m under controversial new rules image
....In documents published after the budget, it emerged the government’s finances will take a near-£6bn hit as a result of the increased bill faced by the NHS and other parts of the public sector as a result of the changes made to the way compensation awards will now be calculated. The Office for Budget Responsibility said the government would be setting aside an extra £1. ...
NICs U-turn image
Source : BBC [Read Article] Wednesday 15th of March 2017 05:19:09 PM
. Reality Check verdict: About 80% of self-employed workers will pay less National Insurance from April 2018, with the rest seeing no change after the government abandoned changes announced in the Budget. ...
U-turn over Budget plan to increase National Insurance image
Source : BBC [Read Article] Wednesday 15th of March 2017 12:30:48 PM
Jobless rate down but wage growth slows image
Source : BBC [Read Article] Wednesday 15th of March 2017 09:32:42 AM
....Ahmed: May's income headache. Following last week's Budget, Paul Johnson, director of the Institute for Fiscal Studies (IFS) warned that wages were unlikely to be higher in the next five years. ...
Britons pay almost £2billion in extra inheritance tax over next five years image
Source : Daily Express [Read Article] Wednesday 15th of March 2017 12:01:00 AM
....8billion more than originally forecast in November. The figures were released last Wednesday by the Office for Budget Responsibility but were overlooked amid outrage over Chancellor Philip Hammond’s tax grab on the self-employed. ...
Britons pay almost £2billion in extra inheritance tax over next five years image
Source : Daily Express [Read Article] Wednesday 15th of March 2017 12:01:00 AM
....8billion more than originally forecast in November. The figures were released last Wednesday by the Office for Budget Responsibility but were overlooked amid outrage over Chancellor Philip Hammond’s tax grab on the self-employed. ...
Budget deficit beyond 2025 warns spending watchdog image
Source : BBC [Read Article] Monday 13th of March 2017 09:26:55 PM
....The Government may struggle to meet its target of clearing the deficit in public finances by 2025 according to the official spending watchdog. Robert Chote, chairman of the Office for Budget Responsibility, was giving evidence before the Commons Treasury Committee. ...
We will all need a stiff drink to swallow Hammond’s austerity image
Source : Guardian [Read Article] Sunday 12th of March 2017 07:00:17 AM
.... And the Treasury is placing great emphasis on the importance of “productivity” – ie the supply side of the economy – to provide the future growth on which higher living standards and tax revenues ultimately depend. For the uncomfortable truth, underlined by the Office for Budgetary Responsibility, the Institute for Fiscal Studies and the Resolution Foundation last week, is that, after a splurge of consumer spending largely financed by borrowing, the outlook for real incomes is pretty bleak – indeed, there are already signs of a slowdown, and the OECD is forecasting economic growth this year of a mere 1. ...
Standup chancellor shuns sit-down with Tyrie image
Source : Guardian [Read Article] Sunday 12th of March 2017 07:00:17 AM
.... Having already broken convention by abolishing future spring budgets and then using his final one to deliver a few gags (“they don’t call it the last Labour government for nothing”), Philip Hammond will be spared from explaining himself to Andrew Tyrie and co this week. Instead, the committee will play host to Robert Chote, chairman of the Office for Budget Responsibility on Monday, plus a couple of his sidekicks, before Tuesday brings an appearance by Paul Johnson, the boss of the Institute for Fiscal Studies thinktank. ...
Budget 2017: Self-employed 'tax raid' a 'rookie error' image
Source : BBC [Read Article] Saturday 11th of March 2017 09:22:56 AM
. Chancellor Philip Hammond's "tax raid" on the self-employed in the Budget has been described as a "rookie error" by former Tory chancellor Lord Lamont. ...
Isas back in favour after tax allowance hike image
Source : Guardian [Read Article] Saturday 11th of March 2017 07:00:28 AM
.... It will be open to everyone aged 16 and over and have a minimum investment limit of £100 and a maximum of £3,000. The Treasury said the bond would support savers affected by low interest rates, but Maike Currie at investment firm Fidelity International said: “Anyone saving into the new investment bond will struggle to achieve a real return, with Office for Budget Responsibility expectations for inflation to rise to 2. ...
Road tax rises image
Source : BBC [Read Article] Friday 10th of March 2017 10:07:22 PM
....Importantly, if you have a car already, these rule changes do not apply and you will continue to pay VED under the existing rates. The changes, announced in the July 2015 Budget, reflect the fact that car manufacturers have cut many car models' CO2 emissions. ...
Landlord tax: How to beat new buy-to-let charges coming in NEXT month  image
Source : Daily Express [Read Article] Friday 10th of March 2017 04:44:00 PM
....“However, we know that the Treasury is concerned by the drop in tax revenues as a result of businesses across the economy incorporating to reduce their tax bills, and the Chancellor hinted at a review into the matter during his Autumn Statement last year. “With this Government’s recent track record in mind, we’d advise any landlords who have yet to incorporate to wait to see whether a consultation is launched in the Budget before making a decision. ...
Doubts over new 'leading' savings deal announced in Budget image
Source : BBC [Read Article] Friday 10th of March 2017 10:37:00 AM
. A "market-leading" savings deal - announced by the chancellor in the Budget - is likely to be bettered soon, experts suggest. ...
Wetherspoons chairman criticises 'dinner party' Budget image
Source : BBC [Read Article] Friday 10th of March 2017 08:04:21 AM
. The chairman of JD Wetherspoons has criticised the Chancellor for a "dinner party" Budget that failed to tackle tax inequalities between pubs and supermarkets. ...
May defends 'fair' National Insurance rise amid criticism image
Source : BBC [Read Article] Thursday 9th of March 2017 08:28:31 PM
....Theresa May has said the National Insurance increase for self-employed workers will make the system "fair", amid criticism from some Conservatives. The Budget change broke a manifesto pledge - with one Conservative whip saying ministers should apologise. ...
The UK economy breaks more records – for all the wrong reasons image
Source : Guardian [Read Article] Thursday 9th of March 2017 06:40:24 PM
....What’s more, the productivity growth that has been lost will never come back. That’s because the Office for Budget Responsibility believes the UK has run out of spare capacity, which means the economy cannot grow any faster without generating inflation. ...
Savers urged to use THIS simple trick to beat dividend tax changes image
Source : Daily Express [Read Article] Thursday 9th of March 2017 04:32:00 PM
....It's predicted that around 2. 2million people - including around seven per cent of pensioners - will be impacted by the changes revealed in the 2017 Budget. ...
No rights, more tax: this is Conservative ‘fairness’ for the self-employed | Frances O’Grady image
....The planned changes to universal credit are set to clobber the self-employed even harder than other working people. Hidden away in the small print of this month’s Office for Budget Responsibility report is a table showing the impact of a “minimum income floor”. ...
Budget tax rise image
Source : BBC [Read Article] Thursday 9th of March 2017 01:40:23 PM
Budget 2017: What the experts say image
Source : Independent [Read Article] Thursday 9th of March 2017 11:05:00 AM
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No pay rise for 15 years, IFS warns UK workers image
Source : Guardian [Read Article] Thursday 9th of March 2017 08:57:23 AM
.... This is completely unprecedented,” he said at the IFS’s traditional post-budget day briefing. Johnson said the latest economic outlook from the government’s independent forecaster, the Office for Budget Responsibility, implied that in the wake of the financial crisis the UK had suffered permanent losses to productivity – a measure of output per hour. ...
Budget 2017: Squeeze on family finances 'extended until 2020s' image
Source : BBC [Read Article] Thursday 9th of March 2017 07:40:05 AM
. The squeeze on both family and public finances have been prolonged until well into the 2020s, according to a think tank's analysis of the Budget. ...
Hammond: Budget National Insurance rise due to 'new challenges' image
Source : BBC [Read Article] Thursday 9th of March 2017 04:44:28 AM
....Chancellor Philip Hammond says National Insurance is being increased for self-employed workers because of "new challenges" the government faces. Mr Hammond is facing a backlash against the Budget announcement, which breaks a 2015 manifesto pledge on tax rises. ...
Budget 2017: Asset sales to thank for UK's figures? image
Source : BBC [Read Article] Wednesday 8th of March 2017 11:50:23 PM
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