UK Budget 2016
George Osborne, the Chancellor of the Exchequer, presents his budget plan.
-
1:38 PM - 16 Mar 2016
- Reply
- Retweet
- Favorite
3rd & 7 37yd
3rd & 7 37yd
B
S
O
close
close

-





-
Our website seems to be struggling with today’s traffic. We’re aware and working on it now.1:50 PM - 16 Mar 2016
- Reply
- Retweet
- Favorite
-
Britain eyes 2 billion pound savings from bank tax reforms
Britain's government will further restrict banks' ability to use pre-2015 losses to offset profits when calculating their corporation tax, in a move that could generate just over 2 billion pounds in tax revenues by 2021.
The move, announced by Britain's Treasury in its annual budget statement on Wednesday, will see the government recoup an expected additional 330 million pounds of revenues in 2016-7.
The Treasury said the reform was aimed at maintaining the exceptional treatment of banks in corporation tax measures, as a response to the industry's involvement in the 2008-9 financial crisis and various misconduct scandals.
The government will reduce the amount of profit the banks can offset from 50 percent to 25 percent from April 1.
George Osborne earlier said he would miss a target for bringing down public debt this year, but stuck to his plan to get the public finances back into the black by the end of the decade. -
Another downgrade in the income tax receipt projections. Set to be £44bn lower this year than projected in 2011 https://t.co/vy1vmbjvOZ2:03 PM - 16 Mar 2016
- Reply
- Retweet
- Favorite
-
Shares in UK wealth managers get Budget boost
Shares in leading British wealth managers St James's Place and Hargreaves Lansdown rose on Wednesday after the government announced plans to help individuals save more money.
George Osborne said he would increase the savings allowance in each citizen's Individual Savings Account (ISA) to 20,000 pounds a year from April 2017, from around 15,000 pounds currently.
Read More -
My budget reaction: Crossrail 2, fares and investment, and the shame of continuing landlord tax breaks: https://t.co/LEeSkpJJlY #Budget20162:05 PM - 16 Mar 2016
- Reply
- Retweet
- Favorite
-
Shares in UK gambling groups rise as no new taxes unveiled in budget
Shares in British gambling companies such as Ladbrokes and William Hill rose on Wednesday, with traders citing relief that the British budget did not unveil any strict, new taxes on the sector.
"No tax hikes, so positive for the sector," said Securequity sales trader Jawaid Afsar.
Ladbrokes' shares rose as much as 8.8 percent before settling back to stand 4.9 percent higher by 1400 GMT.
William Hill's shares rose 3.3 percent while shares in Paddy Power Betfair also advanced 1.7 percent. -
Since WWII, there have been only 12 years in which the UK government of the day has run a budget surplus.
Tories - 4
Labour - 82:03 PM - 16 Mar 2016- Reply
- Retweet
- Favorite
-
Britain raises insurance premium tax to 10 percent
George Osborne said on Wednesday he would raise the tax on insurance premiums by 0.5 percentage points to 10 percent to fund flood defences, a smaller increase than some industry players had anticipated.
The hike follows a 3.5 percentage point rise in insurance premium tax last year, which has driven a rise in motor insurance premium rates, as insurers passed the tax hike onto consumers.
Motor insurance premiums rose 8 percent last year, according to the Association of British Insurers.
"I am going to increase the standard rate of Insurance Premium Tax by just half a percentage point – and commit all the extra money we raise to flood defence spending," Osborne said in his annual budget statement.
Motor insurers Admiral and Direct Line were up 0.5 percent and 1.9 percent respectively at 1338 GMT. -
-
LIVE: Corbyn: "It is a recovery built on sand and a budget of failure" #Budget2016 reut.rs/1Z03HTI http://pbs.twimg.com/media/CdrHKe1WAAAX_zB.jpg
by ReutersUK via twitter retweeted by ReutersLobby 3/16/2016 1:42:41 PM -
1:37 PM - 16 Mar 2016
- Reply
- Retweet
- Favorite
-
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
- Retweet
- Favorite
-
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
-
"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
-
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
-
Shares already moving on that surprise sugar tax announcement. #Budget2016by Reuters UK Politics via twitter 3/16/2016 1:24:01 PM
-
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
-
"Today I can announce that we will introduce a new sugar levy on the soft drinks industry" #Budget20161:22 PM - 16 Mar 2016
- Reply
- Retweet
- Favorite
-
"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
- Reply
- Retweet
- Favorite
-
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
- Reply
- Retweet
- Favorite
-
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
-
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
-
HM Treasury twitter account has a lot of pretty and prepared images for the points being made in Osborne's presentation.
-
Chancellor: Our Cathedral Repairs Fund has been enormously successful so I am extending it with an extra £20m https://t.co/dqfrWpAGPu1:18 PM - 16 Mar 2016
- Reply
- Retweet
- Favorite
-
1:17 PM - 16 Mar 2016
- Reply
- Retweet
- Favorite
India to give homegrown vaccine in seven more states this week
NEW DELHI India said it will administer homegrown coronavirus vaccine COVAXIN in seven more states from Monday as it seeks to inoculate 30 million healthcare workers across the country.
- World
- Global Markets
- Technology
- Politics
- Entertainment