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Feature: Time for banks to pay their share?
14 July 2010
Chancellor George Osborne's budget is analysed and the possible impact it could have for banks examined
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banks tax chancellor George Osborne
On 22 June 2010 the Chancellor, George Osborne, delivered what he described as a “tough but fair” budget, setting out his five-year plan to reduce the budget deficit, rebalance the economy and design a new model for economic growth
To reduce the budget deficit, the Chancellor announced a large number of tax and spending initiatives which are projected to deliver an additional fiscal consolidation of around £40 billion by 2014/15, over and above the measures included in the previous government’s March budget. This consolidation is heavily weighted towards spending cuts rather than tax rises – with a ratio close to the 80%:20% promised by the Conservatives prior to the election. The net tax rise will be around £8bn by 2014/15 whilst reductions of £32bn in public expenditure by 2014/15 will come through cuts in welfare spending (£11bn), departmental spending (£17bn) and lower debt interest (£3bn)....
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