Spending cuts expected in this years budget

The spring budget will be delivered by George Osborne this wednesday, he will set out the Government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility (OBR) plus tax change proposals for the following financial year.

According to the BBC the the Treasury said it would not comment on speculation about the Budget, however it is widely expected that the Chancellor will change the rules on pensions tax relief in some way, banks and insurers are expected to be hit for billions of pounds in extra taxes and additional austerity by way of  new spending cuts.

This is the final budget before the “Brexit” referendum in June, the chancellor has to deal with a  slowdown in the economy and stagnant inflation, this could put at risk him missing his target of running a budget surplus by the end of the parliament in 2020.

Chancellor George Osborne reportedly told the BBC: “We’ve just had new figures that show the economy is smaller than we thought in Britain, and we also know that global risks are growing and Britain is not immune to those things.

“We may need to undertake further reductions in spending because this country can only afford what it can afford and we will address that in the Budget. I’m absolutely clear we’ve got to root our country in the principle that we must live within our means and have economic security.

“We’ll set it out if we need to, how we’ll reduce spending, but the first place I look to is further efficiencies in government. There are always ways to make government better, always ways to make sure that the taxes of people are better spent.”

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Barclays: Mortgage and rental spending grows as younger buyers turn attention to new builds

Mortgage and rental spending grows 2.0 per cent, but consumer confidence remains unchanged   Rent and mortgage spending grew slightly year-on-year in January, up from 1.8 per cent in December Consumers’ confidence in their ability to afford rent and mortgage payments remained unchanged month-on-month at 52 per cent Those who have recently remortgaged onto higher…
Read More
Marketing

How to Generate more Estate Agency Property Leads

There is said to be over 50,000 estate / letting / auction agents across the UK, a figure that has remained relatively steady over the last few years. With over 7,000 in London alone, the industry of selling and renting property is undoubtedly well serviced with no shortage of options for consumers to chose from.…
Read More
Breaking News

UK’s Housing Crisis Deepens as 1.4 Million Homes Sit Unbuilt

Cornerstone Tax reveals that 19% of tenants have been forced to move five times in less than five years due to landlords exiting the market David Hannah, Group Chairman of Cornerstone Tax, urges the government to focus on addressing the wider housing affordability crisis by incentivising landlords The government’s plan to develop 12 new towns…
Read More
Rightmove logo
Breaking News

Rightmove House Price Index: Price growth slows as stamp duty deadline looms, but activity remains robust

The average price of property coming to market for sale rises by 0.5% (+£1,805) this month to £367,994, a muted price rise for this time of year as new sellers lower price expectations, due to the looming stamp duty deadline and high competition: The number of available homes for sale is at a 10-year high,…
Read More
Marketing

Attracting the Right Buyers: Digital Strategies for Real Estate Agencies

Okay, let’s talk approximately how real property companies have promoted houses in recent times. It’s not as adored as it used to be! They cannot just place up a signal and expect human beings to be exposed. We stay in a virtual world, and that means they want to use smart online strategies to locate…
Read More
Breaking News

Rise in no fault evictions

No fault evictions have risen according to the latest data published by the Ministry of Justice. Property disputes lawyer says “some landlords are unwilling to wait for the new Renters’ Rights legislation and are choosing to leave the market” Landlords can apply for an accelerated possession order if the tenants have not left by the…
Read More