Osborne firm on austerity agenda

British Chancellor George Osborne

Chancellor George Osborne’s budget speech alerts the consequences of leaving EU….reports Asian Lite News

British Chancellor George Osborne
British Chancellor George Osborne

Chancellor announced an extra £3.5 billion cuts by 2020 besides a tax on sugary drinks to tackle childhood obesity. Other highlights are converting state schools to academies and a consultation on crematoriums.

The consultation is aiming to ensure funeral facilities in crematoria across England and Wales are fit for purpose for people of all faiths. The consultation, which is the culmination of the review announced by Mr Osborne in the Summer Budget, will look at the size and location of current facilities and assess whether they meet the needs of all users and faiths.

Over 75% of funerals in England and Wales take place in crematoria. In total, there are 232 crematoria in England – 155 are owned and run by local authorities and the rest are private.

The chancellor also announced new action to tackle overseas retailers who store goods in Britain and sell them online without paying VAT

Chancellor said the UK was “well placed” to handle a “dangerous cocktail” of global economic risks if “we act now so we don’t have to pay later”.

Other Budget announcements include:

  • £3.5bn in extra public spending cuts by 2020
  • Fuel duty frozen for the sixth year
  • 2% increase in tax on cigarettes, with 3% on rolling tobacco, from 6pm
  • Beer and cider duty will be frozen as will the levy on whisky and other spirits
  • £530m raised by a tax on the sugar content of soft drinks to be spent primary school sports
  • The rate at which workers start paying top rate tax is to be raised from £42,385 to £45,000 from April next year
  • The tax-free personal allowance is being raised to £11,500 next year
  • Corporation tax to be cut to 17% by April 2020
  • On savings, the ISA limit will be increased to £20,000 a year for all savers, and lifetime ISAs will be introduced for young people
  • An extra £700m for flood defences – to be paid with a 0.5% increase on the tax on insurance premiums
  • Reforms to business rates which will mean 6,000 small businesses pay no rates and 250,000 have their rates cuts from April 2017
  • New action to tackle overseas retailers who who store goods in Britain and sell them online without paying VAT
  • New tax free allowances for “micro entrepreneurs” who rent their homes or sell services through the internet