Latest George Osborne news

  • Osborne's £500m For Faslane Is Wrong, Says SNP
    Osborne's £500m For Faslane Is Wrong, Says SNP Mon, Aug 31, 2015

    George Osborne has announced £500m for sea walls, jetties and other projects at the Faslane naval base in Scotland, securing nearly 7,000 jobs at the home of the UK's nuclear deterrent. But critics questioned the Goverment's spending priorities and said the move suggested it would press ahead with the replacement of Trident nuclear weapons when a parliamentary vote on the issue is expected next year. And he described Trident and the programme ahead as "Britain's ultimate insurance policy in a more uncertain and dangerous world". More »

  • George Osborne mocks Scotland with a sick joke on Trident renewal
    George Osborne mocks Scotland with a sick joke on Trident renewal Mon, Aug 31, 2015

    To give George Osborne his due, his comic timing is impeccable. Less than four months after an absolute majority of the Scottish electorate voted for parties with an unambiguous manifesto commitment to scrap nuclear weapons, leading to the election of anti-Trident MPs in 57 of the 59 Scottish constituencies, the chancellor tells us that he's upgrading the nuclear base on the Clyde as a dividend for Scotland voting No to independence. More »

  • UK pledges 500 million pounds to refurbish Scottish nuclear base Mon, Aug 31, 2015

    Britain will spend more than 500 million pounds ($770 million) refurbishing its nuclear submarine base in Scotland over the next 10 years, finance minister George Osborne said on Monday. The Faslane naval base on the River Clyde, east of Glasgow, is home to the fleet of four Vanguard-class submarines, one of which is on patrol at all times, that form Britain's 'Trident' nuclear deterrent. Prime Minister David Cameron's Conservative government has said it backs the fleet's multi-billion pound renewal and intends to base the new submarines at Faslane. More »

  • Jeremy Corbyn-led Labour would pose national security threat warns Osborne
    Jeremy Corbyn-led Labour would pose national security threat warns Osborne Sun, Aug 30, 2015

    A Labour Party led by Jeremy Corbyn would pose a threat to national security by threatening the future of the UK's nuclear deterrent, George Osborne said. More »

  • Sainsbury's Awards Shop Staff 4% Pay Rise Thu, Aug 27, 2015

    Sainsbury's has given its staff a bumper 4% pay rise - the biggest increase in a decade. These include workers under the age of 25 who are not covered by George Osborne's living wage legislation. Nearly a third of Sainsbury's shop floor staff are under the age of 25, so nearly 40,000 of its younger employees will benefit the most. More »

  • Sainsbury's boosts pay on shop floor
    Sainsbury's boosts pay on shop floor Thu, Aug 27, 2015

    British supermarket chain Sainsbury's will hand its 137,000 non-management store staff their highest pay increase in more than a decade this month, it said on Thursday, lifting its basic pay above the recently announced national living wage. Sainsbury's, locked in a price war with Tesco , Asda and Morrisons as the so-called Big Four seek to claw back shoppers lost to discounters Aldi and Lidl, will increase its basic hourly rate by 4 percent to 7.36 pounds from Aug. 30. British finance minister George Osborne last month announced a compulsory living wage for workers aged over 25, starting at 7.20 pounds an hour from next April, rising to 9.35 pounds by 2020. More »

  • Osborne says Britain not immune to China crisis
    Osborne says Britain not immune to China crisis Tue, Aug 25, 2015

    British finance minister George Osborne on Tuesday expressed concern over China's economic crisis that is gripping global financial markets, warning that the nation was not immune to external shocks. More »

  • Pound suffers worst trading day in six years as Osborne warns of Britain's …
    Pound suffers worst trading day in six years as Osborne warns of Britain's … Tue, Aug 25, 2015

    The Pound Sterling suffered its worst trading day against the Euro in six years on 'Black Monday' (24 August) as global markets plummeted in response to a major decline in Asian stock markets. The Pound and UK stock markets were heavily affected by the crash on China's benchmark Shanghai Composite, which caused a whopping $1tn (£634bn, €866bn) to be written off equities worldwide. Chancellor George Osborne warned against the vulnerability of the British markets. More »

  • Lloyds shares continue to fall as Osborne plans stake sale within a year
    Lloyds shares continue to fall as Osborne plans stake sale within a year Tue, Aug 25, 2015

    Chancellor George Osborne said he is looking to offload the government's entire stake in Lloyds bank within a year. Speaking at a conference in Helsinki on 24 August, Osborne, who faced severe criticism with his handling of stakes in bailed out banks RBS and Lloyds, said the government has been "moving quickly to come out of Lloyds bank and I hope that process will be complete within the year." The announcement comes after the Treasury temporarily halted selling Lloyds stake due to sharp falls in the bank's share prices. More »

  • Finland says without Britain there is no EU
    Finland says without Britain there is no EU Mon, Aug 24, 2015

    By Jussi Rosendahl and Simon Johnson HELSINKI/STOCKHOLM (Reuters) - Without Britain, there is no European Union, Finland's finance minister said on Monday in a boost for his British counterpart George Osborne as he toured Scandinavia to drum up support for London's push to reform the 28-nation bloc. Prime Minister David Cameron's Conservative government, re-elected for a five-year term in May, aims to renegotiate the terms of Britain's EU membership and then put the settlement to a national in-out referendum by the end of 2017. More »

  • Chancellor George Osborne issues warning as FTSE continues slide
    Chancellor George Osborne issues warning as FTSE continues slide Mon, Aug 24, 2015

    The slump in world financial markets shows that Britain must "get its house in order", Chancellor George Osborne has said. More »

  • Osborne - China volatility won't shock Europe, focus on growth
    Osborne - China volatility won't shock Europe, focus on growth Mon, Aug 24, 2015

    Chancellor George Osborne said on Monday he did not expect the slump in Chinese share prices, which has hit financial markets around the world, to pose a threat to Europe's economy. "I am reasonably confident, although I don't think that we can be unaffected by what happens in China, I don't think it's going to cause immediate sharp problems in Europe," Osborne said in response to a question from a reporter during a visit to Sweden. While the volatility in China's market was "a cause of real concern," the main issue was the underlying growth of the country's economy and officials in Beijing were focussed on reforms to ensure consumption-led growth, he said. More »

  • Osborne hopes Lloyds sale to be done within a year Mon, Aug 24, 2015

    Chancellor George Osborne said on Monday he hoped the sale of the government's shares in Lloyds Banking Group will be completed within a year. "My view is that we want the government out of the banking system in the UK," Osborne told reporters during a visit to Helsinki. "I hope that (Lloyds) will be complete within the year." The sale of shares in Royal Bank of Scotland, another bank rescued by the government during the financial crisis, would take longer, he said. More »

  • Osborne On Trip To Drum Up EU Reform Support
    Osborne On Trip To Drum Up EU Reform Support Mon, Aug 24, 2015

    Chancellor George Osborne will take the Government's campaign for reform of the European Union to Scandinavia today, hoping to drum up support from fellow non-euro EU countries. During meetings with Sweden's prime minister Stefan Lofven and Denmark's premier Lars Lokke Rasmussen, as well as foreign and finance ministers, he will warn that reform is key to the future of the EU. Mr Osborne will also argue that a wave of public support change across Europe makes it the right time to act. More »

  • British EU reform bid will help other members, says George Osborne
    British EU reform bid will help other members, says George Osborne Mon, Aug 24, 2015

    George Osborne will tell European leaders that Britain's bid to reform the EU will also benefit their nations during a whistlestop tour of capital cities. More »

  • Osborne takes campaign for EU reform to Scandinavia
    Osborne takes campaign for EU reform to Scandinavia Mon, Aug 24, 2015

    Chancellor George Osborne will take the government's campaign for reform of the European Union to Scandinavia on Monday, hoping to drum up support from fellow non-euro EU countries such as Sweden and Denmark. Prime Minister David Cameron's Conservative government, re-elected for a five-year term in May, aims to renegotiate the terms of Britain's membership of the 28-nation EU and then to put the settlement to a national referendum by the end of 2017. During his trip, Osborne will focus on protecting the integrity of the EU's single market and the rights of non-euro nations as the 19 countries that use the common currency press on with closer economic integration, the British Treasury said in a statement. More »

  • Surging tax take sends UK to first July budget surplus in 3 years
    Surging tax take sends UK to first July budget surplus in 3 years Fri, Aug 21, 2015

    By Andy Bruce and Ana Nicolaci da Costa LONDON (Reuters) - Britain's public finances recorded their first July surplus in three years, as the country's economic upturn spurred the strongest income tax receipts for the month since records began in 1997. Finance minister George Osborne welcomed Friday's official figures, which also showed July was the 12th successive month of falling year-to-date public sector net borrowing, excluding banks. Public finances have traditionally been in surplus in July, but tepid wage growth in the previous two years depressed the usual surge in payments from individuals filing self-assessed income tax returns. More »

  • Tax Breaks Set Stage For More UK Blockbusters
    Tax Breaks Set Stage For More UK Blockbusters Fri, Aug 21, 2015

    More blockbusters could be made in the UK after plans to increase tax breaks for film-makers were approved by the European Union. The measure, first announced in Chancellor George Osborne's 2015 Spring Budget, gives film and TV productions 25% off their tax costs if they then invest the funds back into their projects. Although tax breaks for British productions were first introduced several years ago, the new policy will raise the percentage films can claim back under tax relief. More »

  • Bumper tax receipts push July public finances to £1.3bn surplus
    Bumper tax receipts push July public finances to £1.3bn surplus Fri, Aug 21, 2015

    Chancellor George Osborne hailed a bumper month for tax receipts as the UK's public sector finances posted a July surplus for the first time since 2012. More »

  • Chancellor George Osborne's enhanced film tax relief bid gets EU approv …
    Chancellor George Osborne's enhanced film tax relief bid gets EU approv … Fri, Aug 21, 2015

    George Osborne's plan to give further tax breaks to Britain's film industry has been given European Union approval. More »

  • George Osborne extends starter homes scheme to tackle countryside 'shortage …
    George Osborne extends starter homes scheme to tackle countryside 'shortage … Thu, Aug 20, 2015

    Developers will soon be able to build on previously unused land in England in a bid to tackle the "scandalous" shortage of homes in rural communities, under new plans announced by George Osborne on 20 August. The chancellor wants to extend the government's "starter homes" scheme to so called "rural exception sites" for the first time. The move, part of the Conservative government's Rural Productivity Plan, would give new buyers a 20% discount for their first property. More »

  • Discounted Homes To Be Built On Greenfield Land
    Discounted Homes To Be Built On Greenfield Land Thu, Aug 20, 2015

    The Government is to allow discounted houses to be built on greenfield land in rural areas to increase the supply of homes in villages. George Osborne, writing in the Daily Telegraph, described the lack of homes in rural areas as a "scandal" and said he wanted to make it easier for people to live there. He said using land that had not been previously developed, including agricultural land, was the only way to help people stay in rural communities. More »

  • George Osborne to extend discount homes scheme to villages
    George Osborne to extend discount homes scheme to villages Thu, Aug 20, 2015

    Discount houses for first time buyers will be built on previously unused land in villages under Government plans to extend its "starter homes" scheme, George Osborne has said. More »

  • Ultimo: Founder Michelle Mone leaves firm for role in George Osborne Northern …
    Ultimo: Founder Michelle Mone leaves firm for role in George Osborne Northern … Tue, Aug 18, 2015

    Lingerie brand Ultimo announced on Tuesday (18 August) that its founder Michelle Mone has resigned from the boards of Ultimo Brands and MJM. Mone, who founded MJM in 1996 with her then husband, is leaving the bra firm to join Chancellor George Osborne and Prime Minister David Cameron in plans to create a so-called "Northern Powerhouse" in the UK. The Scot was announced as an adviser on new start-up companies, helping out entrepreneurs and advising Work and Pensions Secretary Iain Duncan Smith and Business Secretary Sajid Javid. More »

  • Nationwide chief says Osborne's tax changes to cost building society £3 …
    Nationwide chief says Osborne's tax changes to cost building society £3 … Tue, Aug 18, 2015

    Nationwide's chief executive Graham Beale has warned that the new tax measures announced in George Osborne's summer budget would hurt the building society. Because of its size, the company would be £300m ($470m) worse off because of the measures, Beale said, adding that they will hurt building societies like Nationwide more than normal banks. More »

  • Nationwide warns new bank tax puts lending at risk
    Nationwide warns new bank tax puts lending at risk Tue, Aug 18, 2015

    By Matt Scuffham LONDON (Reuters) - Britain's biggest customer-owned lender Nationwide said a new banking tax will cost it 300 million pounds ($470 million) over the next five years and potentially hurt lending. Nationwide, Britain's second biggest provider of home loans, said the tax cost was the equivalent of the capital required to fund 10 billion pounds worth of lending. Chief Executive Graham Beale warned that the introduction of a new surcharge on profits from next year, announced by Finance Minister George Osborne last month, would have a disproportionate impact on building societies, which are smaller than major banks and focus on domestic lending. More »

  • UK public finances improve again, second quarter deficit smallest in seven  …
    UK public finances improve again, second quarter deficit smallest in seven  … Tue, Aug 18, 2015

    Britain's headline public borrowing fell to 9.4 billion pounds in June from 10.2 billion pounds a year earlier, compared with economists' forecasts of an 8.5 billion pound deficit, the Office for National Statistics said on Tuesday. For the first three months of the 2015/16 tax year, public sector net borrowing was 25.1 billion pounds, down nearly 20 percent compared with the April-June period of last year and its lowest for the same period since the 2008/09 financial year. British chancellor George Osborne said earlier this month that he was aiming to bring down the budget deficit in the current financial year to 69.5 billion pounds, or 3.7 percent of economic output, lower than his previous target. More »

  • Osborne Banking Tax To Cost Nationwide £300m
    Osborne Banking Tax To Cost Nationwide £300m Tue, Aug 18, 2015

    George Osborne's decision to replace the bank levy with a profits surcharge will "disproportionately" hit building societies, with Nationwide expecting to be charged £300m over the next five years. Graham Beale, Nationwide’s boss, said: "The proposed changes to the bank levy and introduction of the tax surcharge on banking companies announced in last month’s budget may benefit UK headquartered international banks but will have a disproportionate effect on building societies such as Nationwide. The estimated impact of the proposed changes to the bank levy and introduction of a tax surcharge on banks announced in July's summer budget will increase the net tax cost to Nationwide by £300m over the next five years. More »

  • UK government to sell stake in King's Cross redevelopment site
    UK government to sell stake in King's Cross redevelopment site Tue, Aug 18, 2015

    The UK government has begun selling off its 36.5% stake in the King's Cross redevelopment project in London. The sale of the government's investment in the 67-acre (27-hectare) site around King's Cross and St Pancras stations, which is being redeveloped with offices, shops and colleges across 50 refurbished buildings, will be a multi-million pound deal with all proceeds returning to the Treasury. It was first announced by Chancellor George Osborne in June as part of a privatisation programme to help lower Britain's public debt. More »

  • Interserve warns that higher wage bill could stall growth Wed, Aug 12, 2015

    British support services and construction company Interserve expects a rise in Britain's minimum wage to hit profit next year, it said on Wednesday, sending its shares down 4 percent on the potential for growth to stall for the first time in six years. Interserve, the activities of which range from the provision of care services for people in their own homes to building repairs at Britain's historic Sandhurst military academy, said that margins in one part of its business would be squeezed by a hit of between 10 million pounds ($15.6 million) and 15 million pounds in 2016. Britain's finance minister, George Osborne, announced in July that the minimum wage would rise from 6.50 pounds to 7.20 pounds next April for workers over the age of 25. More »

  • Bank of England to look more closely at costs of financial regulation
    Bank of England to look more closely at costs of financial regulation Wed, Aug 12, 2015

    By David Milliken LONDON (Reuters) - The Bank of England will study the cumulative economic costs of financial regulations introduced since the global financial crisis, it said on Tuesday, after the government told it to help promote competition and investment. Despite continued public anger over the role of the banks in that crisis, however, chancellor George Osborne has signalled the Conservative government wants to move on since winning re-election in May. Osborne has cut a tax targeting the largest banks and sped up the sale of public stakes in Lloyds and RBS . Last month he also tweaked the remit of the BoE body which looks for risks to financial stability to ensure it also took account of the need to boost investment and for more competition in the financial sector. More »

  • Government outlines £13bn blueprint for 'Northern Powerhouse' and enlists …
    Government outlines £13bn blueprint for 'Northern Powerhouse' and enlists … Tue, Aug 11, 2015

    The government is set to unveil how £13bn (€18.4bn, $20.2bn) of investment will be spent on transport in the north of England as Chancellor George Osborne forges ahead with plans for a so-called "Northern Powerhouse". The blueprint, to be unveiled later today (11 August), will also see entrepreneur and businesswoman Michelle Mone OBE enlisted to conduct a review on how to help encourage business start-ups in disadvantaged communities. The government, which was accused of Northern Powerhouse after July's budget, will outline plans to bring northern cities closer together – Liverpool to Hull, the north west to Yorkshire, the north east and the Midlands – by strengthening transport connections between them. More »

  • Call For Carers To Get 'Full Living Wage' First
    Call For Carers To Get 'Full Living Wage' First Sun, Aug 9, 2015

    Yvette Cooper has revealed she wants to introduce a higher minimum wage than that proposed under George Osborne's Budget. In an interview with Sky News the Labour leadership candidate said Mr Osborne wasn’t delivering a "full" living wage. Ms Cooper announced that, under her government, care workers would be first in line to get the upgraded pay. More »

  • Former BoE deputy governor to lift lid on UK statistics
    Former BoE deputy governor to lift lid on UK statistics Wed, Aug 5, 2015

    By William Schomberg and David Milliken LONDON (Reuters) - An official investigation into Britain's economic statistics will seek ways to cast more light on the inner workings of companies to try to find solutions to a nagging productivity problem, the head of the review said. Charlie Bean, a former Bank of England deputy governor who heads the review launched on Wednesday, also told Reuters he wanted Britain to modernise the way it measures what is going on in its economy by using digital technology to capture more data and analyse it in greater detail. British finance minister George Osborne ordered the review last month as part of a push to tackle what he called the "great economic challenge" of weak productivity. More »

  • Labour lost 2015 general election because of 'anti-austerity stance and …
    Labour lost 2015 general election because of 'anti-austerity stance and … Wed, Aug 5, 2015

    Jon Cruddas has outlined some "hard truths", as the former policy chief put it, to his party. An independent investigation led by the Dagenham and Rainham MP found the British electorate turned their backs on Labour at the general election because of the party's "austerity-lite" stance. The voters, according to Cruddas's probe, were drawn to George Osborne and the Conservatives as they promised to tackle the UK's deficit. More »