BRITAIN: ‘ GEORGE OSBORNE’S AUTUMN STATEMENT KEY POINTS ‘

#AceFinanceNews – BRITAIN – Dec.03 – Well the Chancellor has updated us on the state of the economy since his last statement: Here it is in key points courtesy of BBC UK reporting live. Read More and Share: Editor.    

' Key points of 2014 Autumn Statement: At-a-glanceScreenshot from 2014-12-03 14:57:24

‘ Key points of 2014 Autumn Statement: At-a-glanceScreenshot from 2014-12-03 14:57:24

State of the economy: 

UK fastest growing economy in the G7

3% growth forecast in 2014, up from 2.7% predicted in March

2.4% growth forecast in 2015, followed by 2.2%, 2.4%, 2.3% and 2.3% in the following four years

500,000 new jobs created this year. 85% of new jobs full-time

Unemployment set to fall to 5.4% in 2015

Inflation predicted to be 1.5% in 2014, falling to 1.2% in 2015

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For sale signs

Stamp duty: 

Reform of residential property stamp duty so that rates apply only to that part of the property price that falls within each band

0% paid for the first £125,000 then 2% on the portion up to £250,000

5% up to £925,000, then 10% up to £1.5m; 12% on anything above that, saving £4,500 on average priced home

Changes to come into effect at midnight on Thursday, 4 December

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Pound coins and paper money

Public borrowing/deficit:

Deficit ‘cut in half’ since 2010

Borrowing set to fall from £97.5bn in 2013-14 to £91.3bn in 2014-15.

Deficit projected to fall to £75.9bn in 2015, £40.9bn in 2016, £14.5bn in 2017 before reaching a £4bn surplus in 2018

By 2019-20 Britain will have a surplus of £23bn

Debt as a share of GDP to rise from 80.4% this year to 81.1% next year before falling in every year. reaching 72.8% in 2019-20

Tax receipts up to 2017-18 forecast to be £23bn lower than predicted

World War One debt to be repaid

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Traffic seen in wing mirror

Energy and fuel:

Fuel duty to be frozen

Sovereign wealth fund for north of England to keep benefits of shale gas exploration

Immediate reduction in oil industry supplementary charge from 32% to 30%

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Union Jack piggy banks

Savings and pensions:

ISAs to be transferrable to partners tax free

ISA threshold increases from £15,000 to £15,240 next April

Tax free annuities for dependents of people who die under 75

Commitment to complete public service pension reforms, saving £1.3bn a year

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Gatwick

Personal and business taxation:

Air Passenger Duty to be scrapped for under-12s from 1 May next year and for under-16s the following year

Personal tax allowance to increase to £10,600 next April

World War One debt to be repaid

Inheritance tax to be cut for families of aid workers who die in course of duty

55% death tax passed on to loved ones abolished

Libor fines to support Gurkhas and their families

Higher rate income tax threshold to rise to £42,385 next year

VAT paid by hospices and search and rescue organisations to be refunded

Introduce 25% tax on profits generated by multi-nationals that are shifted out of the UK, set to raise £1bn over five years

Bank profits which can be offset by losses for tax purposes to be limited to 50%

New £90,000 charge for non-doms resident in the UK for 17 of the past 20 years

Inflation-linked increase in business rates capped at 2%

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Man pushing buggy

Welfare:

Welfare spending to be £1bn lower than forecast in March

Two year freeze in working-age benefits (first announced in October)

Migrants to lose unemployment benefits if they have “no prospect” of work after six weeks

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Graduation

Health and education:

£2bn extra every year until 2020 for the NHS

GP services to get £1.2bn in extra funds from bank foreign exchange manipulation fines

Employment Allowance extended to carers

£10,000 loans for postgraduate students studying for masters degrees

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Factory

Business and science:

Business rates to be reviewed

Theatre tax break extended to orchestras

Research and development tax credit increased for small and medium-sized (SMEs) firms

Support extended to small businesses with £500m of bank lending plus £400m government-backed venture capital funds which invest in SMEs

New tax credit for children’s TV producers

£45m package of support for exporters

Expand tax relief on business investment in flood defences

Old pacer carriages on Northern Rail and the Trans-Pennine Express replaced with new and modern trains

National Insurance on young apprentices abolished

Britain awarded the lead role in the international effort to exploreMars

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Flags

Scotland, Wales and Northern Ireland:

Agreement reached on full devolution of business rates to WelshGovernment

Income tax to be devolved in full to Scottish Parliament

Corporation tax devolved to Northern Ireland if the Stormont executive can manage the “financial implications

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Housebuilding

Housing/infrastructure/transport:

£1.5bn for 84 roads projects in England

£2bn for flood defence schemes in England

Tendering for Northern Rail and Trans-Pennine Express franchises to replace pacer carriages with modern trains. 

Source: 

#ANS2014 

#borrowing, #economy, #fuel-duty, #health, #pensions, #public-debt, #savings, #stamp-duty, #taxation, #welfare

Foster Children Being Forced To Look After Themselves

Aging-Out-of-Foster-Care

Aging-Out-of-Foster-Care (Photo credit: epnichols)

Research has discovered that thousands of children are being forced to leave foster and residential care at 16 unprepared to look after themselves. A third of all children in residential homes and a fifth of those in the care system move out at that age and are expected to be able to cope with running a flat and paying their bills. This is eight years earlier than the average home-leaver. Last year only 240 young people were funded in care by their local authority until 21, up from 230 the year before.

Just when you think this government could not come up with another way to save money, this article cropped up on my radar! The age of these children being as young as 16 and being expected having been moved from pillar to post for years, to have the ability to look after themselves in the community!

This l can only call the ” Pontius Pilot Syndrome “ as it is so simply to wash their hands of such a time-consuming system  of looking after children that have to be put into foster homes, through no fault of their own! As their parents can no longer look after them or the child is in danger and vulnerable!

In this world we have a government that on one hand says we CARE and on the other hand if it COST too much and they cannot get away with PRIVATISATION  of the service provision, they withdraw the funding!

Thus leaving the local authority to foot the bill for the next 5 years!  

#child, #children-youth-and-family, #family, #foster-care, #health, #home, #residential-care, #youth