From our man in the House
Article Abstract:
The United Kingdom Budget is presented with an initial warm-up from junior ministers who answer questions from the opposition Conservative Party. The chancellor, Gordon Brown, then speaks, and he spends the inital half of his speech on business, announcing measures to help small business, prior to tackling social measures. There is an increase in pensioners' heating allowance, and a low rate of tax for the low-paid. Journalists receive a pack 400 pages long of the measures summarized by the chancellor. The members of the ruling Labor party gradually leave as the Budget is criticized by the Conservatives.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1999
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The tightening that never was
Article Abstract:
The UK chancellor, Kenneth Clarke, has not reduced demand in his Nov 1996 Budget. Taxes will not be reduced since council tax bills will rise by 700 million pounds sterling to offset the 730 million pounds reductions he has announced. Spending cuts he has announced are made up of two asset sales, the student loan book and housing owned by the Ministry of Defence, and a possible reduction in the UK's contribution to the European Union. The economy is growing above its long term average and interest rates may still have to be raised in 1997.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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What hole?
Article Abstract:
The United Kingdom chancellor, Gordon Brown, argues that the public sector's need to borrow is more than previously forecast, so taxes should be raised. The Treasury's revised forecasts have been criticised by some economists from investment banks who argue that lower unemployment will boost tax revenue and reduce the need for the government to borrow. There could still be risks from increased spending, and there is great difficulty in accurately forecasting government borrowing.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1997
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