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Osborne to lock in budget surplus


Chancellor George Osborne is pushing to commit future governments to maintaining a budget surplus in years when the economy is growing.

The BBC reports the new plans will give the Office for Budget Responsibility the power to decide whether a government should be able to spend more than it takes in, for example in years of recession.

MPs will vote on the plans later this year, with further details expected in Osborne’s Budget on 8 July.

As part of his Mansion House speech this evening, the Chancellor is also expected to reconvene the Committee of the Commissioners for the Reduction of the National Debt for the first time in 150 years.

The committee was launched to rebuild the economy in the aftermath of the Napoloeonic Wars, and Osborne’s modern revival will include himself, Bank of England governor Mark Carney, the Bank’s deputy governors, Lord Chief Justice and the speaker of the House of Commons.

Osborne will say: “With our national debt unsustainably high, and with the uncertainly about what the world economy will throw at us in the coming years, we must now fix the roof while the sun is shining.”

Meanwhile, the Times reports Osborne will also use the speech to reveal plans to axe the bank levy, charged on the assets held on the global balance sheets of institutions.

The Chancellor will reportedly replace the levy with a new corporation tax surcharge, which will be levied solely on UK assets.



Osborne to deliver second Budget on 8 July

Chancellor George Osborne is to deliver his second Budget of the year on 8 July. Writing in The Sun at the weekend, Osborne pledged the package of measures announced in the Budget would be a “Budget for working people”. The Treasury is yet to spell out how it will cut £10bn from the UK’s welfare […]


Osborne targets UK productivity boost

Chancellor George Osborne says he is determined to overcome the “long-term economic weakness” that is holding the UK back, and promises to make the economy more productive. Speaking at the Confederation of British Industry’s 2015 annual dinner yesterday evening, the Chancellor said the Conservatives’ plan to make “our economy more productive”. He said the Government has […]

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FCA bans ex-equity release boss over £1m ‘illegitimate transfers’

The FCA has banned Kevin Allen, the former sole shareholder of mortgage intermediary NMB, for propping up the business through “illegitimate transfers” from New Life totalling £1m. Allen, who was finance director at equity release provider New Life, funnelled the money between 2009 and 2013 without the knowledge of the other New Life directors. Allen […]

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Survey looks at the challenges facing businesses post auto-enrolment

A survey conducted by Johnson Fleming at the Pension & Benefits Show 2014 highlighted the key challenges faced within organisations post auto-enrolment. The results showed that communicating the changes and the value of them to staff, and receiving timely data from the payroll provider proved to still be the most challenging aspects of managing an auto-enrolment scheme.


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