Lamont delays the pain with three-year gamble

Article Abstract:

Chancellor of the Exchequer Norman Lamont gave an 11-minute speech outlining his budget proposals. The Budget was intended to halve the Public Sector Borrowing Requirement and to encourage economic recovery. The main tax increase was the imposition of Value Added Tax at 8% on household gas and electricity, which would not start until April 1994. Other tax increases were announced for 1995/6. Mr Lamont announced an increase of 1% in employee National Insurance contributions and a freeze in the value of personal income tax allowances.

United Kingdom, Budget, Budgeting, Budgets, Speeches, lectures and essays

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Lamont facing Bundesbank clash

Article Abstract:

Finance ministers of the Group of Seven (G7) leading countries meet in Washington to discuss contingency plans for further chaos in the currency markets. British chancellor Norman Lamont and president of the Bundesbank Helmut Schlesinger confront each other after allegations that Germany caused the sterling crisis. The US supports Mr Lamont. The G7 considers proposals for a smaller European Monetary System (EMS) between Germany, Belgium, the Netherlands and France.

Planning, Conferences, meetings and seminars, Prices and rates, Foreign exchange, Pound (United Kingdom), European Monetary System

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Lamont may cut spending: post-election emphasis on tighter fiscal policy heralds Cabinet battles

Article Abstract:

At the International Monetary Fund meeting, Mr Lamont, Chancellor of the Exchequer, suggested that an increasing budget deficit could prevent interest rate cuts so public spending must be restricted further. This suggests that the Treasury feels economic recovery is commencing. A meeting of Group of Seven finance ministers criticised the German budget deficit and suggested that Japan could aid world economy.

Economic policy, United Kingdom. Treasury

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