George Osborne unveils tax breaks for big budget TV
George Osborne has announced tax breaks for big budget TV drama and animation to encourage companies to film productions within the UK.
Dodging the triple dip buys the Prime Minister time
Today's news that a triple dip recession has been averted means very little in economic terms, but politically it is critical.
Cameron backs Osborne over Philpott benefits row
David Cameron has backed Chancellor George Osborne after he linked the Mick Philpott case with the welfare system.
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Osborne braced ahead of IMF UK economy healthcheck
George Osborne is braced for the International Monetary Fund's (IMF) verdict on Britain's economic prospects.In its annual healthcheck on UK plc, the IMF is expected to suggest that deficit reduction should be slowed amid weak growth.
The IMF was previously among the strongest backers of the Chancellor's economic strategy, but has gradually changed its tone in response to dwindling growth forecasts.
The organisation's head, Christine Lagarde, has insisted she still supports the Government's policy. But she added that "should growth be particularly low... there should be consideration to adjusting by way of slowing the pace".
No room for 'US-style guaranteed mortgages' says King
Sir Mervyn's concerns about Help to Buy echo those of the Treasury Select Committee, which reported on the Budget last month.
The committee warned the Government will come under "immense" pressure to extend Help to Buy in three years time.
– The outgoing governor of the Bank of England Sir Mervyn King.We do not want what the United States have, which is a government-guaranteed mortgage market, and they are desperately trying to find a way out of that position.
So, we mustn't let this scheme turn into a permanent scheme. Now when is the right time to terminate it will depend on economic conditions at the time."Sir Mervyn said the economy was in a "modest recovery" but "we certainly can't be satisfied with it".
We will need to do more to use up the spare capacity, and to get back to a healthy, growing economy," he said. "But we are in a recovery period now, I think, yes.
Under the equity loan new or existing homeowners will need to raise a deposit of 5% of the value of the property they want to buy, but can borrow up to a further 20% from the Government on an interest-free basis.
The biggest loan available will be £120,000.
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Sir Mervyn King issues Help to Buy scheme warning
The outgoing Bank of England governor has warned that George Osborne's plan to boost the housing market is "too close for comfort" to a general state guarantee for mortgages.
Sir Mervyn King said there was "no place in the long run" for the Chancellor's Help to Buy scheme, which will see the Government will guarantee up to 15% of a mortgage on properties worth up to £600,000.
The scheme, which starts in January 2014, is due to run for three years, and Sir Mervyn warned it must not be allowed to become permanent.
In an interview which will be broadcast on Sky News' Murnaghan programme tomorrow, Sir Mervyn said: "I'm sure that there is no place in the long run for a scheme of this kind.
"This scheme is a little too close for comfort to a general scheme to guarantee mortgages. We had a very healthy mortgage market with competing lenders attracting borrowers before the crisis, and we need to get back to that healthy mortgage market.
"We do not want what the United States have, which is a government-guaranteed mortgage market, and they are desperately trying to find a way out of that position.
"So, we mustn't let this scheme turn into a permanent scheme. Now when is the right time to terminate it will depend on economic conditions at the time".
Osborne tells business leaders 'our plan is working'
George Osborne told business leaders tonight the Government's economic plan "is working".
Speaking at the CBI annual dinner at Grosvenor House, the Chancellor said, "We will stick with our approach”.
Osborne 'in total denial about his economic plan failure'
Shadow Treasury minister Chris Leslie said George Osborne is "in total denial about the failure of his economic plan" ahead of the Chancellor's speech to business leaders.
Mr Leslie said: "He has now delivered the slowest recovery for 100 years, falling living standards and rising unemployment. And borrowing is set to be £245 billion more than planned to pay for the costs of this economic failure.
"If we're to have a strong and sustained recovery, and catch up all the ground we have lost over the last three years, we need urgent action to kickstart our economy now and reforms to strengthen it for the long term.
"It's time George Osborne listened before any more long-term damage is done", he added.
Osborne to tell business leaders 'our plan is working'
Chancellor George Osborne is expected to tell business leaders that the Government is prepared to stick to its economic course, saying, "Now is not the time to lose our nerve ... Our plan is working".
As he addresses the CBI annual dinner at Grosvenor House tonight, Mr Osborne will say that spending more to rejuvenate the UK's fortunes is "patently ludicrous" and would set the recovery back
He is also set to rubbish Labour's calls for a temporary VAT cut, claiming the figures do not "stack up".
The Chancellor is expected to say: "My message to the business community and to the country is this - we have a clear economic plan.
"Our plan is working. Now is not the time to lose our nerve. Let's not listen to those who would take us back to square one.
"Let's carry on doing what is right for Britain, let's see this through".
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Chancellor: Global effort to crack down on tax evasion
George Osborne says he wants countries to work together to clamp down on tax evasion.
At talks in Brussels the Chancellor said global co-operation was the best way to track down large amounts of unpaid tax. Mr Osborne said there was an opportunity for Europe to "Take the fight to those who want to evade or avoid taxes".
Osborne shows his relaxed side over Star Wars
Chancellor George Osborne could not stop himself from making a joke after announcing that the new Star Wars film would be made in the UK – and found it quite funny.
He said: “It’s great news that one of the most famous film franchises is coming to the United Kingdom...
“I got personally involved in trying to persuade the Lucasfilm to bring Star Wars to the UK so I’m absolutely delighted.
“And it looks like the force is strong with this one.”
Osborne: G7 has 'the will' to sort out tax evasion issue
Chancellor George Osborne has tweeted:
Just finished #G7. Good talks on tax avoidance and evasion. There's definitely the will to sort it. Not going to let this drop
From @George_Osborne on Twitter:Read: Osborne outlines G7 plan to combat tax evasion
Read: Osborne hails decision to film new Star Wars film in UK
Osborne outlines G7 plan to combat tax evasion
Chancellor George Osborne said G7 finance ministers had agreed there must be "collective action" to combat tax evasion and avoidance.
Osborne, speaking at the end of the G7 summit in Aylesbury, said it was vital that all countries were able to collect tax owed.
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