Chancellor George Osborne has delivered his fourth budget amidst news of continuing pressure on public finances and poor economic conditions. His “aspiration” budget has halved the growth forecast, but has also provided some good news for hard working people and the low paid, while putting in place measures to curb both tax avoidance and tax evasion.
George Osborne’s November statement on Tuesday raised a few key concerns with regard to the UK economy, but none came as a surprise to markets. The GDP growth forecasts have been revised down to 0,9% for 2011 and 0.7% for 2012 (from 1.7% and 2.5% respectively). Future growth forecasts from the Office for Budget Responsibility (OBR) are 2.1% for 2013, 2.7% in 2015 and 3% in both 2015 and 2016. The Chancellor also said that the
The UK Chancellor George Osborne is today preparing his Autumn Statement, an update on the state of the UK economy. He will also outline plans to boost the sluggish growth, which the OECD has warned is likely to slip back into recession.
The meeting of the G20 Finance Ministers over the weekend has provided yet more strong signals that the eurozone must sort out the current debt crisis which is having a marked affect on the global economy.
However, nothing of any substance has emerged from the meeting, except for a rise in global stocks following the strong words. The UK Chancellor George Osborne said that it was not until the summit of 23 October that he expected