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UK Cuts Spending and Income tax

| International News by Staff Reporter

Spending cuts and tough austerity measures are set to continue

British Minister of Finance George Osbourne on Wednesday announced that the annual budget would be aimed at stimulating growth, assisting the poor and erasing the deficit within five years.

Osbourne delivered his annual budget on Wednesday 22 March saying the government’s tough austerity measures would remain in place until 2017 due to the UK’s weakened economy.

Spending cuts and tax increases would remain the norm, according to Osbourne, but there would be no need to tighten further, he said.

“We must stick to the course so that there will be no deficit-funded giveaways today,” he said.

“But because we have taken difficult decisions, nor do we need to tighten further.

“Over the five-year period, this is a fiscally neutral budget, and this is achieved through a modest reduction in both taxation and spending.”

The threshold for income tax for the UK’s poorest residents was raised to 9 205 pounds (R117 271.70), while the threshold for those earning more than 150 000 pounds (R1 911 000) was lowered from 50% to 45%

Corporate tax would also be reduced to 24% from April with further cuts, bringing tax down to 22%, were planned for 2013 and 2014.

Source: www.bizpremises.co.za