wrapper

Osborne Cuts U.K. Company Tax

Wednesday, Jul 08 2015
U.K. Chancellor of the Exchequer George Osborne cut company taxes and the levy on banks as he squeezed welfare and announced a new national living wage in the first budget by a Tory-majority government in almost two decades.Taunting the Labour opposition that his Conservative Party is the true champion of working people, Osborne said he’ll maintain the pace at which Britain has been reducing its budget deficit since 2010, rather than increasing it. He put back by a year the target for achieving a fiscal surplus to ease pressure on public services.
 
Corporation tax will be reduced to 19 percent in 2017 and 18 percent in 2020 from 20 percent this year, Osborne told lawmakers in London on Wednesday. While the chancellor pared the levy on banks’ assets, bowing to pressure from lenders that have threatened to leave London, he introduced a new surcharge on their profits. He also cut back on tax relief for so-called non-domiciled people living in Britain.“We want Britain to move from a low-wage, high-tax, high-welfare economy to a higher-wage, lower-tax, lower-welfare society,” the chancellor told the House of Commons in London.
 
The budget release did not have any major impact on the market with Sterling remaining lower, currently being traded few points above 1.5350 handle. Pair is likely to find support around 1.53 level and resistance around 1.54 area. Later today, Annual Budget figures are scheduled for a release.
More in this category: « Tsipras: It's a crucial time for Greece and Eurozone Fed concerned about Greece and China »

Latest from Editor

About Us

Forex Web News is part of Rolling Capital Network providing financial consulting.

Within the Forex Web News we provide our readers with expert and timely technical analyses, fundamental analyses and news; with one aim – for our readers to make best possible financial decisions.

Forex Web News desks and analysis department follow the international markets closely and create high quality proprietary content on a both daily and weekly basis.

.

All our analysts have several years of trading and analysis experience. The Forex Web News analysis team creates daily and weekly analyses and offer forecasts regarding where they believe the markets are heading. Our readers are provided with data displayed both in texts and on graphs, providing them the fullest understanding of what is happening in the market place.

We are constantly growing our news desks and our analysis departments as we strive to broaden the content we provide to visitors of the Forex Web News.

Disclaimer

Rolling-capital.com – The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. rolling-capital.com bears no responsibility for any trading losses you might incur as a result of using any data within the Forex Web News.