Mr Osborne’s task is made all the more hard by last month’s House of Lords defeat over plans to save £4.4 billion from tax credits.
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Given the government’s commitment to raising £5bn a year by tackling avoidance, aggressive tax planning, evasion, non-compliance and “imbalances in the tax system”, alongside an investment of £800m to support this commitment, tax avoidance measures are likely to remain a strong feature of Autumn Statements and Budgets for the remainder of this parliament.
There was also criticism of Osborne’s decision to not extend retail relief.
“The government is determined to crack down on the fraud and claims culture in motor insurance”, the Chancellor said.
There have been warnings of redundancies – including as many as 20,000 police – closure of government offices, cuts to arts funding and green energy subsidies and the abolition of a number of quangos.
Where all of these monies are going to come from I’m not sure but George the Builder is laying what he believes to be the foundations for a prosperous future for the UK. In response, the Treasury says that students wishing to study a second degree will be able to access a tuition fee loan from 2017-18, providing that the course which they wish to study is in science, technology, engineering or mathematics. “This could affect many small businesses and mark a step change in the direction of policy, driven by concern over the level of funds that are lost by the Exchequer”. The licensed hospitality sector is carrying an enormous burden in the shape of business rates, with pubs accounting for 2.8% of all United Kingdom tax receipts; a situation that is plainly unfair and unsustainable for some businesses. Businesses save 100% of rates, doubled from the usual 50%, with value of £6,000 or less.
Businesses operating in multiple properties qualify if the rateable value of each of other properties is less than £2,600. “I would have thought as the former head of the NUS he would have welcomed that”.
Nicholls added that the ALMR was hopeful next year’s Budget would bring “good news” for the sector.
Osborne confirmed plans laid out in the Conservative Party Conference that uniform business rates will be abolished. Power over business rates will also be devolved to local government, which will be allowed to determine their local business rates.
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Local Government Pension Scheme: The government will publish guidance for pooling local government pension scheme fund assets into up to six British Wealth Funds.
