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Newspaper updateBack


The Financial Times

Danger of lost decade as manufacturing stagnates – Manufacturing’s miserable start to the year shows little sign of ending, high-lighting the chancellor’s lack of progress in rebalancing the economy as he delivers his Budget statement.

Output fell for the second consecutive month in May, as the sector struggled against subdued demand and the strength of sterling, languishing 4.6 per cent below its 2008 peak. Production was down by 0.6per cent compared with the previous month, following a 0.3 per cent decline in April.

Minimum wage gamble shocks business lobby – Low earners targeted as hourly rate set to rise to £9.35 in five years’ time

George Osborne has made a bold bet he can force employers to pay higher wages to millions of workers without jeopardising the record level of employment in Britain that was the biggest success story of his first term in office.

HMRC seeks £7.2bn from crackdown on evasion – HM Revenue & Customs is expected to raise £7.2 bn from a crackdown on tax fraud, offshore trusts and the hidden economy that will be funded with £800m of additional investment

Insurers pay 37m premiums set to rise – George Osborne has been accused of turning to a “stealth tax” to raise funds after increasing a levy on insurance policyholders by almost 60 per cent

Plans on apprenticeships spark anger – Employers have raised concerns about the chancellor’s plan to fund apprenticeships through a levy on large businesses, warning the policy is a “blunt tool” in driving up standards of vocational training.

Unveiling the policy yesterday, George Osborne said that while many firms do a “brilliant job” in skilling their workforces, there are still too many big companies who “leave the training to others and take a free ride on the system”.

Millions handed income tax cut – Increase in higher-rate and personal allowance thresholds from next year

Millions of individuals are set to pay less tax from next year after George Osborne announced plans to raise the income tax personal allowance threshold and increase the 40p higher-rate level.

Vehicle excise duty overhaul catches up with technology – The Chancellor has reinstated a dedicated road tax in the UK for the first time since the 1930s, overhauling levies on new cars and pledging to use the money to improve Britain’s highway network.

More than two-thirds of cars sold in the UK now have such low carbon-emission ratings that they pay no vehicle excise duty for the first year, putting pressure on revenues raised by the Treasury from motoring taxes.

To address the falling receipts, George Osborne said that the government would introduce from April 2017 a banding system pegged to emissions in one of the biggest reforms of motoring taxation in recent years.

The Daily Telegraph

Luxury motors and green machines lose in road duty shift – Drivers of the most expensive cars on the road will be hit by a “premium” £450-a-year annual road tax bill to fund road construction

Cost of car and home insurance pushed up ‘by stealth’ – Millions of British households and businesses will be hit with higher insurance costs after a “stealth” tax rise announced in yesterday’s Budget.

The Times

Tax cuts for middle classes – First Tory budget since 1996 aims to ease austerity pain

Tax giveaways for middle-class workers will be brought forward, and sweeping welfare cuts slowed down, as the chancellor tries to smooth Britain’s path out of austerity in the first Tory-only budget for almost 20 years.

Wait for storm to pass before raising rates, Bank is warned- The Bank of England should wait for the storm clouds over Greece to clear before raising interest rates, according to The Times shadow monetary policy committee.

The Daily Mail

Top Gear for Honda exports – Honda’s hottest hatchback is to be exported from its UK factory in Swindon back to Japan

The shipping of the new British-build Honda Civic Type R to Japanese customers is seen as a huge vote of confidence in the factory and Britain’s economy.

Posted by Sue Robinson on 10/07/2015