News
The pre-budget report from alistair Darling has provided plenty of
talking points, with the 2.5% reduction in the VAT rate from the 1st December 2008 grabbing most of the headlines.
Below we have summarised the detailed announcements and invite
you to review the same and contact us with any queries you may
have.
The pre-budget report from alistair Darling has provided plenty of
talking points, with the 2.5% reduction in the VAT rate from the 1st December 2008 grabbing most of the headlines.
Below we have summarised the detailed announcements and invite
you to review the same and contact us with any queries you may
have.
Latest News
Pre-Budget Report 2008
On Monday 24 November 2008 the Chancellor of the Exchequer, the Rt Hon Alistair Darling MP, delivered his Pre-Budget Report (“the Report”) to the House of Commons. Each year the Report provides a progress report on what has been achieved so far by the Government, gives an update of the state of the economy and public finances, and sets out the direction of Government policy in the run up to the spring Budget. However, this year’s Report proved to be radically different from those of previous years as it concentrated to a large degree on measures to help kick-start the economy and to assist both individuals and businesses in the present economic climate.
This summary of the Report is divided into the following sections:
The economy
This year’s Report is of special significance as it is set against a background of global recession. This section summarises the Chancellor’s assessment of the international and domestic economy.
Individuals
This section of the summary explains what the Chancellor intends to do in relation to matters such as personal tax, National Insurance Contributions, mortgages, unemployment and assistance to be given to the young and old. Whilst a number of these measures are designed to provide financial assistance, others are intended to kick-start the economy by lowering prices and encourage spending, eg the reduction in the VAT rate.
Businesses
This section of the summary contains details of measures to assist businesses cope with the downturn in the economy, including direct and indirect financial assistance and tax relief.
The environment
The Chancellor stated that he was “determined that the present economic uncertainty does not push aside the importance of protecting the environment and our long-term needs for a greener and secure energy future”. This section includes details of measures to be taken by the Government in relation to these environmental matters.
Further details of the Chancellor’s Pre-Budget Report, including press releases, can be obtained from H M Treasury website at www.hm-treasury.gov.uk and H M Revenue & Customs website at www.hmrc.gov.uk.
Should readers of this summary require further information or advice in relation to the Pre-Budget Report, we would ask them to contact us.
On Monday 24 November 2008 the Chancellor of the Exchequer, the Rt Hon Alistair Darling MP, delivered his Pre-Budget Report (“the Report”) to the House of Commons. Each year the Report provides a progress report on what has been achieved so far by the Government, gives an update of the state of the economy and public finances, and sets out the direction of Government policy in the run up to the spring Budget. However, this year’s Report proved to be radically different from those of previous years as it concentrated to a large degree on measures to help kick-start the economy and to assist both individuals and businesses in the present economic climate.
This summary of the Report is divided into the following sections:
The economy
This year’s Report is of special significance as it is set against a background of global recession. This section summarises the Chancellor’s assessment of the international and domestic economy.
Individuals
This section of the summary explains what the Chancellor intends to do in relation to matters such as personal tax, National Insurance Contributions, mortgages, unemployment and assistance to be given to the young and old. Whilst a number of these measures are designed to provide financial assistance, others are intended to kick-start the economy by lowering prices and encourage spending, eg the reduction in the VAT rate.
Businesses
This section of the summary contains details of measures to assist businesses cope with the downturn in the economy, including direct and indirect financial assistance and tax relief.
The environment
The Chancellor stated that he was “determined that the present economic uncertainty does not push aside the importance of protecting the environment and our long-term needs for a greener and secure energy future”. This section includes details of measures to be taken by the Government in relation to these environmental matters.
Further details of the Chancellor’s Pre-Budget Report, including press releases, can be obtained from H M Treasury website at www.hm-treasury.gov.uk and H M Revenue & Customs website at www.hmrc.gov.uk.
Should readers of this summary require further information or advice in relation to the Pre-Budget Report, we would ask them to contact us.
Gary Parker of Parker & Co managing the HSBC Clock Tower Abseil