UK Budget 2016
George Osborne, the Chancellor of the Exchequer, presents his budget plan.
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Corbyn: "It is a recovery built on sand and a budget of failure" #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:40:28 PM -
Would contend that young people who can afford to save £4k a year aren't the same young people who really need help right now #Budget20161:37 PM - 16 Mar 2016- Reply
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Britain to levy sugar tax on soft drinks industry
Britain will introduce a sugar levy on soft drinks in two years' time, George Osborne said in a surprise announcement in his annual budget on Wednesday.
Osborne said the levy, which would be imposed on companies and based on drinks' sugar content, would raise 520 million pounds.
Shares in drinks and sugar groups fell on the news, with Britvic and AG Barr, which makes Irn Bru, down between 3 percent and 5 percent. Sugar group Tate & Lyle was down 2 percent. -
Shouts of "more" as Osborne sits down following #Budget2016 speechby Reuters UK Politics via twitter 3/16/2016 1:37:26 PM
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"I commend to the house a budget that puts the next generation first," says Osborne ending his speech #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:37:20 PM
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Osborne raises personal tax free allowance and increases the threshold at which people pay 40 pct tax rate #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:36:02 PM
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Osborne is unveiling a new type of saving account for the under 40s to encourage saving, reward home purchases. #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:33:50 PM
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Osborne takes a swipe at the Liberal Democrats. Jokingly says he wants to abolish them. Even the Lib Dems are laughing #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:31:52 PM
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Britain's Chancellor of the Exchequer George Osborne (L) leads his Treasury team as they prepare to leave number 11 Downing Street to pose for photographers, before going to the House of Commons to present the Budget, in central London, Britain, March 16, 2016. REUTERS/Stefan Rousseau/pool
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Osborne cuts capital gains tax rate to 20 pct #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:30:05 PM
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UK debt ratio to rise this year, breaks Osborne target
British net public debt will rise this year as a share of economic output, George Osborne said as he missed his commitment for the ratio to fall each year until at least 2020.
Osborne told parliament that debt, as a percentage of gross domestic product, would stand at 82.6 percent in the 2016/17 financial year, falling to 77.2 percent by 2019/20.
Osborne also said the government was still on track to achieve a goal of reaching an outright budget surplus by 2019/20 and that borrowing for the financial year ending this month was forecast to reach 72.2 billion pounds versus a previous estimate of 73.5 billion pounds in November.
Last year, Osborne committed the government to reach a budget surplus by 2019/20 as well as bringing down public sector net debt as a share of gross domestic product each year.
However, the global economic outlook has darkened since November and statisticians have also revised down the size of Britain's economy. -
After pressure from Conservative backbenchers, Osborne says fuel duty will be frozen again #Budget20161:27 PM - 16 Mar 2016
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Beer and cider duty also frozen. #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:28:08 PM
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£12 million from the Tampon Tax allocated to charities across the UK from Breast Cancer Care to the White Ribbon Campaign #Budget20161:25 PM - 16 Mar 2016
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Osborne extends freeze on fuel duty. #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:27:34 PM
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Osborne to cut tax and rates for British businesses
Britain will cut corporation tax and raise the threshold at which small businesses pay rates, George Osborne said on Wednesday in a boost to firms as Britain's economy grows by less than previously forecast.
Corporation tax has been progressively cut by both Osborne and his Labour predecessors, with the rate currently at 20 percent with plans already in place to cut it to 18 percent.
But in his annual budget speech on Wednesday Osborne said he would go further and cut the rate to 17 percent by April 2020.
Changes to business rates will help hundreds of thousands of small companies, he added.
"From April next year, 600,000 small businesses will pay no business rates at all," he said. "That’s an annual saving for them of up to nearly 6,000 pounds – forever. A further quarter of a million businesses will see their rates cut." -
Sugar tax will raise 520 mln pounds. Some of that will be used to double funding for children's sport. #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:25:05 PM
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Shares already moving on that surprise sugar tax announcement. #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:24:01 PM
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Osborne announces a sugar levy on soft drinks industry. Not long ago Cameron's office were dismissing this prospect. #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:23:29 PM
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"Today I can announce that we will introduce a new sugar levy on the soft drinks industry" #Budget20161:22 PM - 16 Mar 2016
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"Will be in process of becoming an academy". A form of words that could easily describe 85% of non-academy schools now. #Budget20161:21 PM - 16 Mar 2016
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By 2020 every school "will be, or will be in the process of becoming" an academy. I spy wriggle-room! #Budget2016.1:20 PM - 16 Mar 2016
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Britain cuts taxes for North Sea oil producers
Chancellor George Osborne said he would cut taxes for energy companies pumping oil from the country's North Sea fields, in a boost for the indstry which is suffering from the impact of low crude prices.
"I am today cutting in half the Supplementary Charge on oil and gas from 20 percent to 10 percent. And I'm effectively abolishing Petroleum Revenue Tax too," Osborne said in his annual budget statement on Wednesday.
Shares in oil companies with fields in the North Sea including BP, Shell and Cairn Energy traded up on the news. -
Shares in UK oil firms rise after Osborne's tax changes #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:20:27 PM
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Osborne, with a smiling nod to the #EUref dispute within the Conservatives, describes the party as a "broad church" #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:19:55 PM
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HM Treasury twitter account has a lot of pretty and prepared images for the points being made in Osborne's presentation.
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Chancellor: Our Cathedral Repairs Fund has been enormously successful so I am extending it with an extra £20m https://t.co/dqfrWpAGPu
1:18 PM - 16 Mar 2016- Reply
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1:17 PM - 16 Mar 2016
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1:15 PM - 16 Mar 2016
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Osborne says he is increasing insurance premium tax by 0.5 pct to raise 700 mln for increased flood defences. #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:18:17 PM
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Osborne says Corbyn will be pleased with Crossrail 2 "It is designed for all those who live in north London + are heading south" #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:17:39 PM
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"My friend the Mayor of London"...says Osborne, to laughs from MPs #Budget2016by Reuters_KylieMaclellan via twitter retweeted by ReutersLobby 3/16/2016 1:15:25 PM -
Osborne uses budget speech to appeal for UK to stay in EU
Chancellor George Osborne used his annual budget speech on Wednesday to issue a heartfelt appeal to the country not to vote to leave the European Union.
"I believe we should not put at risk all the hard work that the British people have done to make our country strong again," he told parliament.
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Dep speaker has to intervene as Tory MPs start goading SNP MPs when Osborne announces measures to support oil and gas industry #Budget20161:09 PM - 16 Mar 2016
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Eye-catching pledge to halve the toll on the Severn Bridge between England and Wales #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:11:49 PM
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Osborne is now talking devolution. #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:10:59 PM
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Osborne says he is effectively abolishing petroleum revenue tax, and also easing tax burden on oil and gas producers #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:09:45 PM
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Britain cuts growth forecasts sharply for 2016 and 2017
Britain has cut sharply its forecast for economic growth this year and next, Chancellor George Osborne said in his annual budget statement on Wednesday.
The Office for Budget Responsibility forecast gross domestic product would grow by 2.0 percent this year compared with a 2.4 percent estimate in November, and rise by 2.2 percent in 2017 versus November's 2.5 percent estimate, Osborne told parliament.
He said the economy was forecast to grow by 2.1 percent in 2018, 2019 and 2020.
"Financial markets are turbulent. Productivity growth across the west is too low. And the outlook for the global economy is weak. It makes for a dangerous cocktail of risks," Osborne said.
He said the forecasts were based on the assumption that Britain voted to stay in the European Union at a referendum in June 23. -
Osborne needs to stop promising and start delivering when it comes to infrastructure projects. #Budget20161:02 PM - 16 Mar 2016
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During all of this #Budget2016 fun, the White House has announced that Obama will visit the UK and meet the Queen and Cameronby Reuters UK Politics via twitter 3/16/2016 1:08:44 PM
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Chancellor: A typical hairdressers in Leeds will pay no business rates #Budget20161:04 PM - 16 Mar 2016- Reply
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"Today I am more than doubling Small Business Rate Relief, and I’m more than doubling it permanently" #Budget2016 https://t.co/Jn7ETTr9aq
1:03 PM - 16 Mar 2016- Reply
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Slowly getting closer to the Irish rate... twitter.com/ReutersLobby/s…by padraichalpin via twitter retweeted by ReutersLobby 3/16/2016 1:04:41 PM -
Osborne is now announcing details of tax relief for small businesses #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:04:27 PM
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Kerry defends diplomacy as Russian-backed forces pound Aleppo
CARTAGENA, Colombia/BEIRUT U.S. Secretary of State John Kerry defended his efforts to negotiate with Moscow over the war in Syria on Monday, despite the collapse of a ceasefire that has led to a massive Russian-backed assault on the besieged rebel-held sector of Aleppo.