Determined to cut a further ?10bn from the benefits budget in order to fight the deficit (the difference between the amount spent by the government and the amount it receives in taxes), Chancellor George Osborne has announced his plans on tax rates for ?the very richest? according to the BBC?s business website.
One proposal is to set a cap on number of children within a family that should be supported on benefits.
There are also plans to allow workers to be given shares in the companies they work for in return for exchanging their unfair dismissal rights.
With no capital gains tax proposed on profits arising from such shares, the move points towards owners, workers and the taxman all acting in co operation.
With the UK economy in recession affecting the government?s tax takings, and its plans to reduce the deficit, the chancellor clarified that he had no plans to change course. Having set a target of balancing the budget within five years, it is necessary to find a further ?16bn of savings by 2015/16. This will lead to cuts from the welfare bill.
Healing of the economy is taking longer than originally anticipated. But with the Office for Budget Responsibility forecasting that the government will spend ?209.2bn on social security benefits and tax credits during the current financial year, it will be interesting to see how the government set about achieving their announced welfare cuts of ?18bn a year by 2014/15.
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