In his Spending Review yesterday, Chancellor George Osborne announced an increase in capital spending on transport to a total of £9.5 bn starting in 2015 and promised the largest investment in roads for half a century. Reaction to the announcement has been swift and generally favourable, with a few caveats; the Freight Transport Association welcomed the news and the recognition that improved transport links are vital for economic recovery.
Chancellor of the Exchequer George Osborne has delivered the latest UK budget including the cancellation of planned fuel duty increases. Other key points include confirmation that the income tax threshold will be raised to £10,000 by next year and the first £2000 will be taken off all employers’ National Insurance bills. Growth is forecast to be 0.6 per cent this year, with £3 billion promised for infrastructure investment as a way of improving this. Beer duty will be cut by 1p a pint.
Chancellor George Osborne chose budget day to join the twittersphere, using his maiden post to say: "Today I'll present a Budget that tackles the economy's problems head on helping those who want to work hard & get on." But what is this likely to mean for those of us that are hard working?
With the Government’s Office of Budget Responsibility reporting that it has upped its UK growth forecast to 0.8 per cent this year, and with the statisticians no longer talking about the country being in technical recession, some may have expected the Chancellor of the Exchequer, George Osborne MP, to have addressed the continuing rise in fuel prices by freezing fuel duty increases. It didn’t happen. Much to the chagrin of fleet-based business this was despite recognizing that high oil prices are “a great concern across the world". Other highlights include plans to simplify small business taxation, reduce corporation tax and dispense with the 50 pence tax rate.
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