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Press watch: Autumn statement (3)

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► Tuesday, 29 November 2011

► Monday, 28 November 2011

► Sunday, 27 November 2011 

► Saturday, 26 November 2011

Tuesday, 29 November 2011:

‘George Osborne is expected to announce new tax relief for business investment “angels”, and an expansion of free nursery education for disadvantaged children, as he addresses two priorities for the coalition. The new Seed Enterprise Investment Scheme will offer 50% tax relief on investments of up to £100,000 for start-ups, while there will also be a year-long capital gains tax holiday on that investment.’

Financial Times

‘The Daily Telegraph understands that Mr Osborne will extend by six months a “business rates holiday” for small firms at a cost of £210m to the taxpayer. A new “Seed Enterprise Investment Scheme” will allow individuals investing up to £100,000 in new firms to receive income tax relief. Any profits made during the first year will also be exempted from capital gains tax.’

Daily Telegraph

‘The Chancellor is expected to unveil a seed enterprise investment scheme for business start-ups. 'Business angels' – individuals who support start-ups – will be offered the carrot of 50% income tax relief on investments of up to £100,000 in new enterprises, with each company eligible for £150,000 of investment in total. The scheme will start in April next year and will include a capital gains tax holiday for the first 12 months to encourage those sitting on profits from previous investment to plough their money back into start-up companies.’

The Guardian

Monday, 28 November 2011:

‘George Osborne’s hopes of persuading the private sector and foreign investors to help rebuild Britain’s ageing infrastructure have received a boost as China Investment Corporation, the country’s $410bn sovereign wealth fund, announced plans for new investment in the UK ... Mr Osborne believes infrastructure spending can play a short-term and long-term role in boosting growth and will announce plans for further cuts in departmental spending and other savings worth £5bn to fund “shovel-ready” projects.’

Financial Times

‘George Osborne is to squeeze benefits for the low paid and tap £40bn from banks and pension funds as he tries to prevent Britain from slipping back into recession.’

The Times

‘An extra £5bn of capital investment, funded by spending cuts elsewhere, will form the centrepiece of an overall £30bn national infrastructure programme due to be announced by George Osborne on Tuesday as part of an attempt to prevent the country from sliding back into recession.’

The Guardian

Sunday, 27 November 2011:

‘The most controversial move will be a surprise increase in the bank levy, a move likely to increase the chance of HSBC or Standard Chartered moving their headquarters out of Britain. Treasury officials have realised that the rapid shrinkage of Royal Bank of Scotland, Lloyds Banking Group and Barclays has dragged the take from the levy below the forecast £2.5bn. The rate will be increased to maintain the level of receipts at £2.5bn. The additional burden will fall on HSBC and Standard Chartered, the two safest banks in Britain. Bankers were last night furious at the plans.’

Sunday Times

‘Mr Osborne's task on Tuesday is clear. He should consider ideas such as those of the Archbishop of York for disclosure of tax returns ... ; he should do more about tax avoidance; and look at a "Robin Hood tax" on financial transactions.’

The Independent on Sunday

Saturday, 26 November 2011:

‘The CBI wants the government to stick to its deficit plan and to attract more private sector investment. It also supports the Chancellor’s plans for credit easing [and] calls for a tax rebate for energy-intensive companies to protect them against the planned carbon floor price ... the introduction of capital allowances for infrastructure investment and an extension of R&D tax credits to non-profitable companies.

‘The Federation of Small Businesses wants an extension of the current NICs holiday and a cut in NICs for new employees aged 16-24.

‘The Institute of Directors wants the Chancellor to abolish the 50% income tax rate and reduce corporation tax to 15% by 2020.’

Financial Times

‘Telegraph Motoring argues that freezing fuel duty is not a “freebie” but an economic necessity .. Which is why we have launched our campaign to freeze fuel duty indefinitely, joining many politicians, the FairFuelUK pressure group and members of the public to argue against the injustice. It’s not enough if the Government agrees to postpone the 3p per litre January rise in fuel duty; they must call a halt to any further rises, and they must do so in their autumn statement on November 29.’

Daily Telegraph

‘George Osborne is expected to announce a further increase in bank taxes next year as a way of fulfilling a pledge by the Deputy Prime Minister, Nick Clegg, on Friday that next week's autumn statement will see the rich bear the brunt of the economic crisis.’

The Guardian

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