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Spike in UK Borrowing Costs Wipes Out Reeves’ Fiscal Headroom
2 months ago

Spike in UK Borrowing Costs Wipes Out Reeves’ Fiscal Headroom

Live Mint  

The increase in UK borrowing costs since last week’s budget has wiped out all of Chancellor of the Exchequer Rachel Reeves’ headroom against her main fiscal rule, raising the prospect of further tax rises or spending cuts unless the debt picture changes. Tom Josephs, a senior member of the UK’s fiscal watchdog, told lawmakers Tuesday that a 0.3 percentage point …

Market Budget Reeves Rule Obr Fiscal Borrowing
Britain’s choice: spiralling debt, £40bn in spending cuts or tax rises every 10 years
3 months, 4 weeks ago

Britain’s choice: spiralling debt, £40bn in spending cuts or tax rises every 10 years

The Telegraph  

However, Mr Hughes rejected a suggestion by Darren Jones, the Chief Secretary to the Treasury, that the soaring debt trajectory was purely down to the “shocking state that our public finances were left in by the previous government”. “Those are challenges that have faced successes in governments over extended periods.” Highlighting America’s rising debt trajectory, Mr Hughes added: “They’re not …

Debt Public Obr Rise Tax Rises Mr Hughes
Hunt handed £9.2bn boost for Budget tax cuts
10 months, 3 weeks ago

Hunt handed £9.2bn boost for Budget tax cuts

The Telegraph  

The TaxPayers’ Alliance urged the Chancellor to “give taxpayers the break they deserve and cut income tax at the upcoming Budget”. However, receipts were £4.6bn lower than the OBR’s forecast of £116bn as income from higher earners, the self-employed and capital gains taxes eased. Self-assessment tax receipts stood at £21.6bn last month, which is £2.4bn less than the £24bn forecast …

Tax Budget Obr Ons Receipts
Jeremy Hunt’s OBR slapdown shows Truss-era disillusionment has not fully disappeared
11 months, 1 week ago

Jeremy Hunt’s OBR slapdown shows Truss-era disillusionment has not fully disappeared

The Telegraph  

Privately, many Tories accept that space for arguing reforms should be made as to how the OBR’s influential five-year forecasts shape policy-making has gone after the Truss project’s implosion. Mr Hughes had not held back at a House of Lords committee appearance last month about the way Mr Hunt and his Treasury are handling projections for future public spending. He …

Spending Obr Tories Hunt Truss Mr Hunt
Worst debt burden since 1950s makes huge tax raid inevitable, warns IFS
11 months, 2 weeks ago

Worst debt burden since 1950s makes huge tax raid inevitable, warns IFS

The Telegraph  

However, the IFS warned that tax cuts announced by the current chancellor ahead of the election risk being followed by steep tax rises in the next parliament owing to the pressures of an ageing and sicker population. It came as Treasury mandarins dismissed allegations from the budget watchdog that the Government’s spending assumptions were “a work of fiction” owing to …

Treasury Obr Ifs Worst Debt
Chancellor hunts for growth as OBR cuts forecasts
1 year, 1 month ago

Chancellor hunts for growth as OBR cuts forecasts

The Independent  

Andrew Bailey can be forgiven for gnashing his teeth during Wednesday’s autumn statement, as Jeremy Hunt repeatedly claimed credit for the work done by the Bank of England governor and his colleagues. But this was still “the biggest tax reduction package since 1988” according to the Resolution Foundation, with the chancellor spending nearly all of the £90bn of fiscal good …

Business Tax Work Small Businesses Cent Small Obr
Hunt hints at more tax cuts before next election after ‘making a start’
1 year, 1 month ago

Hunt hints at more tax cuts before next election after ‘making a start’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “But what we can say is that, now we’ve …

Autumn Tax Inflation Election Statement Cut Obr
Departments face ‘implausibly large’ spending squeeze under Hunt’s plans
1 year, 1 month ago

Departments face ‘implausibly large’ spending squeeze under Hunt’s plans

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “There’s a material risk that those plans prove undeliverable …

Spending Departments Plans Real Sign Obr Cuts
UK tax burden remains set for post-war record high, despite cuts
1 year, 1 month ago

UK tax burden remains set for post-war record high, despite cuts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

High Rate Obr Threshold Tax Burden
Rishi goes 'Thatcherite' to save the election: NICs cut, 8.5% state pension hike and 6.7% benefits rise expected in bumper Autumn Statement tomorrow… despite UK's debt mountain soaring to £2.6tn
1 year, 1 month ago

Rishi goes 'Thatcherite' to save the election: NICs cut, 8.5% state pension hike and 6.7% benefits rise expected in bumper Autumn Statement tomorrow… despite UK's debt mountain soaring to £2.6tn

Daily Mail  

Rishi Sunak is splashing out to save the election with the Autumn Statement tomorrow set to include tax cuts as well as hiking pensions and benefits. Rishi Sunak is splashing out to save the election with the Autumn Statement tomorrow set to include tax cuts as well as hiking pensions and benefits Borrowing in October was more than the £13.7billion …

Autumn Tax Inflation Taxes Work Statement State
Hunt to receive key OBR forecast as Tories eye inheritance tax cuts
1 year, 1 month ago

Hunt to receive key OBR forecast as Tories eye inheritance tax cuts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Cuts to inheritance tax could …

Autumn Inheritance Statement Tory Inheritance Tax Hunt Tax Cuts
Jeremy Hunt handed £11.4bn borrowing boost despite August setback
1 year, 3 months ago

Jeremy Hunt handed £11.4bn borrowing boost despite August setback

The Telegraph  

However, early data suggests the economy is weakening, which will hit tax receipts, Mr Webb warned. This would be the lowest level since 2019-20, although it would still amount to 4.6pc of GDP, compared to the Government’s medium-term target of 3pc according to the current fiscal rules.” Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said that although GDP data …

Higher Obr Tombs Mr Tombs
Misery for millions as economy slumps into recession
2 years, 1 month ago

Misery for millions as economy slumps into recession

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The OBR’s assessment said: “Rising prices erode real wages …

Russia Tax Income Tax Spending Billion Increase Spending Cuts
Autumn Budget: Britons react to tax rises and service cuts after Jeremy Hunt's announcement
2 years, 1 month ago

Autumn Budget: Britons react to tax rises and service cuts after Jeremy Hunt's announcement

Daily Mail  

Beleaguered Britons face tax hikes and cuts to services after Chancellor Jeremy Hunt's extraordinary emergency Budget unveiled today. Amelia Welford, 24, and Jordan Sykes, 23, are parents to six-month-old Blossom, and have not put the heating on this year due to their sky high energy bills NAME: Amelia Welford and Jordan Sykes AGE: 24 and 23 HOME: Redcar, North Yorkshire …

Business Energy London Autumn English Tax Budget
UK’s budget watchdog promises initial analysis next week
2 years, 3 months ago

UK’s budget watchdog promises initial analysis next week

Associated Press  

LONDON — Britain’s independent budget watchdog said Friday that it would deliver an initial analysis of the government’s economic plan to Treasury officials next week, putting pressure on Prime Minister Liz Truss to release a document seen as crucial to rebuilding confidence after a sweeping package of unfunded tax cuts triggered turmoil in financial markets. “The forecast will, as always, …

Independent Analysis Treasury Plan Obr Truss Kwarteng
UK’s tax burden: What do the figures show?
2 years, 7 months ago

UK’s tax burden: What do the figures show?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Prime Minister Boris Johnson said …

Rate Obr Free Breaking Announced Tax Burden
Austerity to continue for many public services as Budget makes further £4bn of cuts
3 years, 10 months ago

Austerity to continue for many public services as Budget makes further £4bn of cuts

The Independent  

Sign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Sign up to our Brexit email for the latest insight SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy …

Brexit Budget Public Services Spending Cent Obr Uk Sign
Tax rises and spending cuts of up to £46bn needed after Covid crisis, warns spending watchdog
4 years, 1 month ago

Tax rises and spending cuts of up to £46bn needed after Covid crisis, warns spending watchdog

The Independent  

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Brexit Spending Cent Email Spending Cuts Obr Covid Crisis
Tax rises needed to fill £130bn Covid black hole, Chancellor told
4 years, 6 months ago

Tax rises needed to fill £130bn Covid black hole, Chancellor told

The Telegraph  

The Chancellor will need to raise taxes to stop Britain’s debt pile spiraling out of control as the legacy of Covid-19 leaves a £130bn hole in the public finances for years, the Institute for Fiscal Studies has warned. Persistent weakness in the economy will leave government borrowing at £158bn next year, and about £130bn until as late as 2024-25, according …

130Bn