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Pre-Budget Report news ticker
We’ll be updating this pre-Budget report news article as the small business news pours in, so keep ‘em peeled. Refresh the page for more news as it happens.
Alistair Darling is due to stand up in the House of Commons and deliver his pre-Budget speech at 3.30pm today.
16.36 - George Osborne sits down, concluding pre-Budget proceedings!
16.33 - National Insurance increase will earn the government £2bn extra tax from businesses.
16.32 - Pricing already falling on the high street. VAT cut won't help, because it will be hard to implement for shop keepers.
16.31 - Half of Darling's measures are to make up for people who lose out because of the 10p tax rate.
16.30 - Brown "did not fix the roof when the sun was shining."
16.29 - "UK recession will be worse than all other developed countries".
16.28 - Attacks Gordon Brown for saying he'd abolished 'boom and bust'.
16.27 - Darling says recession will end half-way through 2009 but tax increases won't come in until 2010 - "it's all about the political cycle, not the economic cycle".
16.26 - Darling is giving £20bn but taking back £40bn in tax rises, bringing the country to the "verge of bankruptcy".
16.25 - "National debt will double to £1 trillion - the debt for Labour's decade of irresponsibility."
[Osborne speaking]
16.24 - Chancellor sits down, shadow chancellor George Osborne stands up.
16.13 - New body to monitor rates of lending by the banks to households and businesses.
16.06 - "£7bn package of measures for small businesses: £1bn tax cuts, £2bn loan promises, £4bn European investment funding."
16.05 - Offset small business losses of up to £50,000 against profits made in the previous three years.
16.04 - Deferring corporation tax increase for small firms (would have gone up to 22% in April).
16.03 - Access to finance. £1bn will available to big banks' customers through temporary finance scheme. More flexible terms of lending promised.
16.02 - Spread payments of tax across the board (not just national insurance), stretch payment times for small businesses.
16.02 - Small firms: increase in the threshhold for empty commercial property. Rateable value of up to £16,000 per year will be exempt.
16.00 - Small businesses...reduce burdens and increase cashflow.
15.57 - Income tax increased to 45 per cent for people above £150,000.
15.56 - National Insurance Contributions increase by 0.5 per cent. Starting threshold to rise in line with income tax (£6,300).
15.55 - Measures for sustainable public finances...
15.54 - Cut VAT to 15 per cent until the end of next year, will come into effect next Monday and last for 13 months.
15.51 - Additional £5bn in efficiency savings in public savings by 2010/11. But spending will continue to rise on public services.
15.50 - £584bn public spending this year to improve public services and keep people in employment.
15.49 - "Britain started from a strong position so our net debt will be lower."
15.47 - Borrowing will be "significantly higher than forecast" - £78bn this year and £118bn in 2010, falling to £105bn in 2011 and £87bn in 2012.
15.45 - "Significant lower tax revenues both now and in the medium term."
15.44 - Decision to increase borrowing to support families and businesses. "Substantial fiscal loosening" worth around £20bn.
15.42 - Growth will fall by between .75 per cent and 1.25 per cent next year. Negative growth in the first half of 2009, but will start growing slowly in 2010.
15.41 - UK GDP growth will fall in UK in the final quarter of 2008 in line with other advanced countries.
15.40 - "We need action now to boost economic activity to help us face the future with confidence."
15.38 - "Triples public expenditure on schools and transport while keepig debt in check. Continued economic growth since 1992".
15.35 - Crown dependencies like the Isle of Man and Channel Islands
attract banking customers with lower taxes but benefit from UK taxes -
Review of these arrangements due in the Spring.
15.33 - "Root of our problems is in the global financial system. The
causes are global so we must work closely with other countries."
15.32 - Darling says that without the government's intervention the downturn would have been sharper and longer.
15.30 - "These are exceptional economic circumstances...my objective is to respond to economic uncertainty now and in the future."
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