Menu
27/11/2001
Brown delivers a positive pre-budget report
Chancellor Gordon Brown has delivered his annual pre-budget report which saw increased focus on the idea of building a stronger Britain in the face of an uncertain world.
Confident that the economy would meet this year’s economic growth target of between 2.25 and 2.75 per cent, the Chancellor announced an extra £1 billion for the NHS in addition to a boost for armed forces, in the form of an extra £100 million. The intelligence services and the Metropolitan Police are to benefit from increases of £20 and £30 million respectively, to help fight the war against terrorism both at home and abroad.
The business sector is to see a reform of capital gains tax, now set at 20 per cent for business assets held for a year and 10 per cent for those held at two. The 10p corporation tax band has been extended, and a research and development tax credit, to be included in the next Budget. A ‘flat rate’ VAT system will also give small businesses savings in the region of £1,000 each year.
Pensioners will receive increases in the region of £100, with a guaranteed winter allowance of £200 for the duration of the current parliament. Elderly individuals with savings who are often ineligible for benefits may also avail of a new ‘pensioner credit’ scheme to support their income.
Speaking of the need to overcome the current downturn in the global economy, Mr Brown emphasised the necessity of giving innovation free rein, but even before he revealed his speech, the Chancellor was criticised as serving up “the same old story” by Shadow Chancellor Michael Howard, who added: “Every year to makes these promises and every year he breaks them.”
Labour’s “over-complex tax system” has also come under fire from the Liberal Democrats, with Treasury spokesperson Matthew Taylor saying he wanted to see Gordon Brown refrain from adding any more complications.
Gordon Brown introduced the concept of the pre-budget report in 1997 as a measure that would give a glimpse of some of the tactics to be contained in the following year’s Budget. The statement is designed to help to reduce uncertainty for the business sector, as the Government updates its economic forecasts and launches new policy initiatives.
The next stage in the process is the publication of the Treasury review, to be issued shortly after Gordon Brown’s report. (CL)
Confident that the economy would meet this year’s economic growth target of between 2.25 and 2.75 per cent, the Chancellor announced an extra £1 billion for the NHS in addition to a boost for armed forces, in the form of an extra £100 million. The intelligence services and the Metropolitan Police are to benefit from increases of £20 and £30 million respectively, to help fight the war against terrorism both at home and abroad.
The business sector is to see a reform of capital gains tax, now set at 20 per cent for business assets held for a year and 10 per cent for those held at two. The 10p corporation tax band has been extended, and a research and development tax credit, to be included in the next Budget. A ‘flat rate’ VAT system will also give small businesses savings in the region of £1,000 each year.
Pensioners will receive increases in the region of £100, with a guaranteed winter allowance of £200 for the duration of the current parliament. Elderly individuals with savings who are often ineligible for benefits may also avail of a new ‘pensioner credit’ scheme to support their income.
Speaking of the need to overcome the current downturn in the global economy, Mr Brown emphasised the necessity of giving innovation free rein, but even before he revealed his speech, the Chancellor was criticised as serving up “the same old story” by Shadow Chancellor Michael Howard, who added: “Every year to makes these promises and every year he breaks them.”
Labour’s “over-complex tax system” has also come under fire from the Liberal Democrats, with Treasury spokesperson Matthew Taylor saying he wanted to see Gordon Brown refrain from adding any more complications.
Gordon Brown introduced the concept of the pre-budget report in 1997 as a measure that would give a glimpse of some of the tactics to be contained in the following year’s Budget. The statement is designed to help to reduce uncertainty for the business sector, as the Government updates its economic forecasts and launches new policy initiatives.
The next stage in the process is the publication of the Treasury review, to be issued shortly after Gordon Brown’s report. (CL)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
10 December 2003
Borrowing under-estimated by £10bn, admits Brown
In his pre-budget report to the Commons today, the Chancellor Gordon Brown has highlighted the underlying strength of the economy but admitted that the UK will have to borrow around £10 billion more this year than had been predicted.
Borrowing under-estimated by £10bn, admits Brown
In his pre-budget report to the Commons today, the Chancellor Gordon Brown has highlighted the underlying strength of the economy but admitted that the UK will have to borrow around £10 billion more this year than had been predicted.
08 March 2002
UK Chancellor to discuss possible tax cuts for business
UK Chancellor Gordon Brown is set to discuss the possibility of tax cuts for business in next month's Budget, during a special cabinet meeting at Chequers, the Prime Minister's official residence.
UK Chancellor to discuss possible tax cuts for business
UK Chancellor Gordon Brown is set to discuss the possibility of tax cuts for business in next month's Budget, during a special cabinet meeting at Chequers, the Prime Minister's official residence.
24 May 2005
Chancellor announces plans to reduce red tape
Chancellor Gordon Brown has unveiled a new action plan aimed at reducing red tape for UK businesses. The Chancellor announced the Better Regulation Plan today, promising that the new proposals would allow UK businesses to enjoy fewer inspections and less regulation.
Chancellor announces plans to reduce red tape
Chancellor Gordon Brown has unveiled a new action plan aimed at reducing red tape for UK businesses. The Chancellor announced the Better Regulation Plan today, promising that the new proposals would allow UK businesses to enjoy fewer inspections and less regulation.
18 April 2002
FSB say Budget will disappoint self-employed
Britain's three million self-employed will be disappointed that Gordon Brown has failed to fulfil his pledge to encourage enterprise in today's budget, according to the Federation of Small Businesses (FSB).
FSB say Budget will disappoint self-employed
Britain's three million self-employed will be disappointed that Gordon Brown has failed to fulfil his pledge to encourage enterprise in today's budget, according to the Federation of Small Businesses (FSB).
14 June 2010
CIPR Journalism Awards In Full
Deric Henderson of the Press Association has been awarded the Journalist of the Year title The Belfast Telegraph lifted the title for Coca-Cola CIPR Newspaper of the Year, and the BBC's Spotlight Programme won the Coca-Cola CIPR Scoop of the Year and the Coca-Cola CIPR Current Affairs Programme of the Year for its Irish Robinson Investigation.
CIPR Journalism Awards In Full
Deric Henderson of the Press Association has been awarded the Journalist of the Year title The Belfast Telegraph lifted the title for Coca-Cola CIPR Newspaper of the Year, and the BBC's Spotlight Programme won the Coca-Cola CIPR Scoop of the Year and the Coca-Cola CIPR Current Affairs Programme of the Year for its Irish Robinson Investigation.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
