Budget

Attempts in Parliament to head off the government’s proposed increase in the rate of VAT have been defeated.

It is thought that the government may look at removing, if only temporarily, the autumn pre-Budget Report.

Business groups have given a largely positive reaction to the emergency Budget.

Business groups appear to have accepted the emergency Budget rise in VAT to 20 per cent with a certain resigned stoicism.

Not for a political generation or two has a Budget generated such intense interest. Pre-announcements by the Coalition Government had prepared everyone for large-scale changes to the tax system and for deep public spending cuts.

The government has confirmed that it will be creating a Green Investment Bank.

The Chancellor addressed the problem that many smaller firms are experiencing when it comes to accessing credit.

Several aspects of the pensions system are to come under review as a result of announcements made in the Budget.

It has been a matter of policy for the government to reverse plans of the previous administration to push up national insurance contributions by 1 per cent as from next April.

The Chancellor has acted on long-term coalition government plans to increase the personal income tax allowance to £10,000.