UK Budget 2010 with Reuters
Have your say on Reuters about what the budget means to you
- This live budget debate began at noon on Wednesday, March 24, 2010. Thank you to our guest contributors: Claer Barrett, associate editor of Investors Chronicle; Mark Bolsom, head of the UK trading desk at Travelex; Ed Croft, CEO of Stockopedia; Anthony J. Evans, assistant professor, ESCP Europe Business School; Nick James, Fresh Business Thinking; Chris Maddock, head of private clients at Vantis; Thomas Story, tax director, BDO; Dominic Swords, business economist, Henley Business School; Joe White, CFO Gandi.net and UK entrepreneur; Julia Whittle, principal and head of international Punter Southall; Danny Wootton, UK Innovation Director at Logica; Jez Kay of Nowhouse.tv.
- The government is also expected to announce plans to impose up to 200 percent fines on the most devious tax evaders in Wednesday's budget, according to a government source. uk.reuters.com
- Edward Croft, CEO of financial community website Stockopedia, believes tomorrow's budget is a chance for the UK to 'face the music'. "The unfortunate reality of our macro-economic predicament means that there’s very little left in the coffers and there’s an urgent need for tough but unpopular decisions to balance the books by reining in public spending and increasing taxes," he writes. Read the full article here blogs.reuters.com
- Some commentators have also stressed the need to cut tax-related red tape on small businesses in the 2010 Budget. Reuters' Julie Mollins spoke to Philip Booth, editorial and programme director of the Institute of Economic Affairs, who said this "disproportionately large" tax burden should be scaled back in the lead-up to the general election. blogs.reuters.com
- Joe White, from Gandi.net, says the Budget should be an opportunity for the Chancellor to stimulate the technology industry in the UK. "One way or another, we need to find a new growth engine for the UK economy and how Darling addresses this problem will be the core emphasis of his speech," he writes. blogs.reuters.com
- Lawrence Copeland, professor of finance at Cardiff University Business School believes tomorrow's Budget is"likely to be a complete non-event." Do you agree? blogs.reuters.com
- With an election looming surelt the labour government will attempt to win over sone disillusioned middle classes with an increase to the stamp duty thresholds. The level of £500,000 attracting 4% is limiting the amount of votes they will get from this sector. In line with inflation a rise is due and now is the time to play fair. Most other taxes rise with inflation so why not this one? It was set at 1% under the conservatives.
- The government looks set to use today's budget, the last before a general election which is now just weeks away, to cut its estimates for borrowing. Our correspondent Sumeet Desai has the full story uk.reuters.com
- In this analysis piece, Simon Falush says the financial markets will watch the budget more for its effect on opinion polls than for its economic measures, given how closely fought a likely May election is shaping up to be. uk.reuters.com
- In other news, support for the Conservative Party has dwindled to its lowest level in two years, according to an Ipsos-MORI opinion poll published today. uk.reuters.com
- The last pre General Election Budget was delivered on 16 March 2005 by the then Chancellor Gordon Brown. He spoke for approximately 45 minutes. How long will Alistair Darling speak for this time round I wonder?
- Gladstone delivered the longest Budget speech in 1853; at an impressive 4 hours and 45 minutes. I’m sure we’re all hoping that today’s speech will be shorter........
- What would you like to see in today's budget? Send us your comments ahead of the Chancellor's speech.
- Hoping for a good budget from #Chancellor Darlington which will boost the £ value.comment by RajRaoPawar via twitter 3/24/2010 10:35:51 AM
- The Treasury has uploaded the above video, of Chancellor Alistair Darling discussing the Budget, to YouTube. "As we came through what had been the most difficult circumstances for well in excess of 60 years, so too we've got a choice about the decisions we make in the future," he says.
- Where does the word 'budget' come from? The French word 'bougette', apparently, which means 'little bag'. The UK Parliament website has more Budget FAQs here www.parliament.uk
- Conservative leader David Cameron shared his thoughts on the Budget this morning. "The choice is between a government which has completely run out of steam, completely run out of ideas, is not being honest about the mess we're in and has got no plans to clear it up, and a Conservative party that's got the energy, the dynamism, the leadership to get the economy moving again. That's what we need, is to get this economy growing, get things going again. And that's what our budget will do straight after the election," he said.
- Chancellor Darling is also expected to announce stamp duty will be scrapped on house purchases up to £250,000 for first-time buyers. news.bbc.co.uk
- BBC is reporting the Chancellor will increase duty on strong cider and alcopops.
- Danny Wootton, UK Innovation Director at Logica says that unified funding is required to stimulate innovation blogs.reuters.com
- Julia Whittle, principal and head of international Punter Southall Financial Management, says Chancellor Alistair Darling will try and repair public confidence in the budget speech blogs.reuters.com
- Mark Bolsom, head of UK trading desk at Travelex suggests that today's budget will be a "lame duck" blogs.reuters.com
- The Chancellor has left Downing Street and is making his way to the House of Commons. Prime minister's questions will go ahead as normal at noon, followed by Darling's speech at 1230.
- Mrs Darling has just joined her husband outside no 11 #budget10 #ukbudgetcomment by SaraMojtehedz via twitter 3/24/2010 11:30:48 AM
- #PMQs pre-budget warm-up between Brown, Cameron and Clegg at nooncomment by MichaelWhite via twitter 3/24/2010 11:30:49 AM
- Having canvassed individual investors' opinion, expectations for this budget seem remarkably low. Most people view it as being more about political positioning than economics given that there's an election imminent and regardless of who wins, there will probably be a post-election emergency budget put in place. But given the UK's sovereign credit rating is at risk, this really isn't the time for electioneering. Darling seems determined to position Labour as the party that can work with enterprise to grow the economy out of recession but we'd like to see some tangible evidence of how he think this can be done. We need a real commitment to cut the bloating public sector, reduce red tape and encourage a return to a savings and investment culture.
- The heavily briefed 'visionary' budget that Darling will be delivering should be a good opportunity to put across more upbeat views on the future of the UK and contrast the 'austerity Britain' painted by the Conservatives. But who will get it right? and more importantly, who will the public trust?
- The Ipsos Mori poll we linked to earlier uk.reuters.com also showed respondents think Alistair Darling would make a more capable chancellor than George Osborne (23 percent to 21 percent). Interestingly, Lib Dem Vince Cable came out on top with 32 percent.
- Morning all! Ed, we have found exactly the same at Travelex ... our clients have offered indifference or otherwise very low expectations about this budget, viewing it mainly as a political vehicle for Labour. In the main, business clients are looking for some positive news that will help boost sterling
- Most business owners I have spoken to are apathetic that the budget will deliver outcomes that actually mean something to their bottom line
- As a business owner, I agree not much hope for excitement (particularly given fiscal constraints), though potentially some targeted boost to UK high tech industries as a vehicle for future growth. I think this budget will be more important as a sparring round for the 'who do you trust' game that will be concluded in May.
- Hi Everyone, I'll be looking for a budget that can really help stimulate growth through innovation and a joined up plan that enables the country to plan for the future, from education to research, to small and large companies, and focussing on areas that give the country a competitive long term advantage
- Absolutely, general 'budget apathy' is a running theme amongst our clients - one expressed that even if he does move to lower corporation tax, costs will just escalate in another area, "as with budgets in the past"
- Good morning - we are looking forward to a clear financial road map for the future - but still sceptical
- Capital Gains Tax (CGT) is probably the one thing I hope we get clarity on as Business owners need to be able to plan
- @freshnick - Amen to that. CGT policy has been a bit wobbly over the past few years. I think ditching the taper was mistake, but the 10% after 2 years was probably too generous. Higher rate, longer taper, still seems a fair way to reward longer term investment/business building.
- @freshnick agreed - there could be a CGT rise to eliminate scope for high earners arbitraging the difference in rates between CGT and income tax. Will Darling push it up before the election to 25% I wonder?
- #DrJBudget Repeal the hat'd Window-Tax & the Tuppeny Excise 'pon PERIWIGScomment by DrSamuelJohnson via twitter 3/24/2010 11:57:25 AM
- In 2005 Gordon Brown hailed “the longest period of economic growth since records began in 1701”. In 2010 the EU is calling for faster cuts to the UK deficit and is questioning the Treasury’s prediction of 2% growth in 2010-11. What will the true picture be after today’s Budget?
- What worries me most is the fake "halve the deficit" meme, which will still add £500bln to debt by 2014. Unless we cut spending £150-200bln pa we are in big trouble.
- Personally I think that public sector spending should be slashed by bringing an axe to the supposed 'business support' sector - chop the RDA's
- PMQs will start in a few minutes...
- FT suggests Darling will target banks and off shore tax evaders for additional tax take. Nothing like hitting the targets that the electorate don't like to raise revenue without damaging political chances. Must be careful not to damage the UK's long term reputation as a place to do business.
- To help growth, then yes public spending will need to be cut rather than tax rises, however, it needs to be combined with a real push to take a modern approach to procurement and IT within the sector, to use shared services whereever possible, so the impact on services is as little as possible, whilst making significant savings
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