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Osborne: 'No more safe havens for those evading tax'

Chancellor George Osborne told ITV News the government is introducing a new criminal offence for anyone who fails to declare their offshore income.

"The message is very simple. If you are hiding your money offshore, we are coming to get you," the Chancellor said.

ITV News correspondent Lewis Vaughan Jones reports:

At the moment officials must prove that a person holding income offshore intended to avoid paying tax - the proposed changes would mean they would only have to show the money was taxable.

Overseas tax evaders jail threat

Chancellor of the Exchequer George Osborne during a visit to Tilbury Docks in Essex. Credit: PA

People who avoid paying tax by stashing their money abroad could face a jail term under a new government clampdown.

Chancellor George Osborne is consulting on the creation of a new criminal offence to make it easier to prosecute British citizens who hold undisclosed money in offshore accounts.

The changes would give HM Revenue & Customs the power to prosecute people who do not declare their foreign income, even if they do not deliberately intend to avoid payment.

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Osborne: Critics of economic plan proved 'wrong'

Chancellor George Osborne has said that critics of Britain's economic recovery plan have been proved "comprehensively wrong".

Chancellor George Osborne Credit: John Stillwell/PA Wire/Press Association Images

Speaking in Washington, Mr Osborne said: "Cutting deficits and controlling spending has not choked off recovery but has instead laid the foundations for sustainable growth."Many risks remain, but all this should be cause for cautious optimism."

He conceded "many risks remain" for the UK, including the fall out from the Ukraine crisis and the sluggish eurozone recovery, but hailed the success of the upturn a year after the International Monetary Fund (IMF) warned that his austerity policies were "playing with fire".

Despite Chancellor's Budget 'money is still tight'

We heard in the Chancellor's Budget that the economy is picking up but for many individuals the reality is very different. Money is still extremely tight and it will take much longer for them to feel like they've finally got a hold of their finances.

Those relying on credit of some kind to pay their way need to start doing all they can to break that habit and get themselves into the black. It is encouraging to see that some people have recognised this and are seriously committed to clearing their debt, and using cost saving measures to do this. Debt needs to be tackled head on; simply working out a realistic monthly budget and cutting out unnecessary expenditure should be the first step.

– Kevin Mountford, head of banking at moneysupermarket.com

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Osborne declares 'full employment' fight commitment

Chancellor George Osborne has declared his commitment to fight for "full employment" in Britain.

Speaking to workers at Tilbury Port in Essex, he said his "ambition" was for Britain to achieve the highest employment rate of any of the developed nations of the G7.

ITV News Deputy Political Editor Chris Ship reports:

Read: George Osborne to 'fight for full employment'

Lamont 'not uncomfortable' with employment pledge

Former Conservative chancellor Norman Lamont has told ITV News he is "not in any way uncomfortable" with George Osborne's comments that mass unemployment would never be a price worth paying.

Lord Lamont famously said in 1991, "Rising unemployment and the recession have been the price that we've had to pay in order to get inflation down, but that is a price worth paying".

Read: George Osborne to 'fight for full employment'

Osborne: Creating public sector jobs 'doesn't work'

The Conservative government won't seek to lower the unemployment rate by creating "artificial" public sector jobs, which ended up destroying employment as public spending spiraled out of control, says George Osborne.

Chancellor of the Exchequer George Osborne chats with a docker. Credit: Chris Radburn/PA Wire

"You end up with more people unemployed instead of less. Then the politicians who make these guarantees get into a panic. So unemployed people are pushed on to sickness benefits to hide the real numbers," he said.

Read more: Osborne: Tory government targets 'full employment'

Osborne: 'Ambition for highest employment rate in G7'

George Osborne has stated that it's his ambition for the UK to have the highest employment rate than any G7 country.

He also stated in his recent speech that the Conservatives are aiming for "full employment" in Britain.

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Today have set an ambition for the UK to have the highest employment rate in G7- best place to create a job and to get a job

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This week sees biggest personal & business tax cuts for 2 decades. Part of our plan to build an economy that supports full employment

Read more on the Tory government targeting 'full employment'

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