In addition, unless there are further changes to local government’s capital financing regime, the retention of 100% of capital receipts will have limited benefit in terms of funding service delivery. This is expected to save the Treasury over £800m in tax relief. This means that the tax credit taper rate and thresholds remain the same. The Help to Buy Scheme will now include shared ownership.
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A FOUR per cent council tax rise could be on the cards to cover the cost of social care in Essex.
He said: “The Autumn Statement has shown the government sees the importance of SMEs for this country’s economy”.
Although George can’t remove the “tampon tax” without European Union consent, he has promised that any monies raised through it will be directed to women’s charities.
Marc Jones is also the Conservative candidate for the police and crime elections that will take place in May next year. “Given the need to get people saving more for their retirement sooner rather than later this announcement is unfortunate”.
He added: “We are still working on next year’s budget proposals”.
In September the council said it must save a further £31m by 2019.
The Federation of Small Businesses (FSB) has responded to the government’s Autumn Statement and Comprehensive Spending Review by indicating the new measures will help to “drive productivity and long-term economic growth”.
Local authorities have been acting responsibly in the use of reserves, particularly given uncertainties over future central government funding reductions and the Chancellor does not seem to appreciate the irony of criticising the last Labour government for “not saving for a rainy day” when accusing local authorities of doing just that with their use of reserves.
Changes announced today represent the biggest change in local government finance in 35 years with the end of the block grant.
They will also have the flexibility to set differing business rates to try to entice new businesses into their area.
“And, talking of infrastructure, the announcement of significant increases in flood defence spending will, I am sure, be welcomed by many businesses in Gloucestershire – and of course by all of us who actually live here too”.
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Other revenue raising measures were mentioned, including a three per cent Stamp Duty Land Tax “surcharge” for those buying second homes or buy-to-let residential properties and a 0.5 per cent apprenticeship levy applying to payroll costs above £3 million, which will only apply to the largest two per cent of employers.
