Osborne's U-turn on tax credits unlikely to hurt UK welfare push


LONDON Chancellor George Osborne's U-turn decision not to cut state support for low-income workers will provide short-term relief for many households across Britain, but is unlikely to dent his broader attempt to rein in welfare spending.

UK to cut government department spending by 12 billion pounds by 2020 7:41am GMT

LONDON Britain will make 12 billion pounds of savings annually from government departments' day-to-day spending by the end of the decade as it seeks to return to a budget surplus, Chancellor George Osborne said on Wednesday.

Moody's says Osborne's latest spending plans do not change its view on UK finances 7:40am GMT

LONDON Moody's ratings agency said Britain's latest government spending plans, announced by Chancellor George Osborne earlier on Wednesday, do not change its outlook for the country's public finances.

Factbox: Key announcements in budget update from Osborne 7:40am GMT

LONDON Chancellor George Osborne delivered a half-yearly budget update on Wednesday, slightly raising his budget surplus target for the end of the decade while scrapping a controversial plan to make big savings in one part of the welfare budget.

Number of UK oil jobs falls at fastest rate in at least 11 years 7:38am GMT

LONDON The number of contractors employed in Britain's oil and gas sector has fallen over the past year at the steepest rate since at least 2004, an annual industry survey carried out by a Scottish business association showed on Thursday.


Osborne uses tax forecast to soften spending cuts 25 Nov 2015

LONDON Chancellor George Osborne took advantage of stronger forecasts for tax revenues to drop an unpopular plan to scrap some benefits for low-earners and ease other deep cuts, but he stuck to a target for budget surplus in 2020. | Video

Government permanently scraps 'green' costs for energy-intensive industry 25 Nov 2015

LONDON Britain will permanently exclude energy-intensive industries such as steel and chemicals from extra costs to support green energy projects, Chancellor George Osborne said on Wednesday.

Government to raise property tax on buy-to-let and second homes 25 Nov 2015

LONDON Britain will raise the level of a property tax for those who buy a house in order to rent it and on second homes, Chancellor George Osborne said on Wednesday, as part of plans to cut government spending and raise revenues.

UK housebuilders trim gains on stamp duty plan 25 Nov 2015

LONDON UK housebuilders surrendered part of their hefty gains in afternoon trade on Wednesday after Chancellor George Osborne announced plans to raise property tax for those who buy a house in order to rent it and on second homes.

UK keeps 2015/2016 gilt issuance plans, but to sell more T-bills 25 Nov 2015

LONDON The UK Debt Management Office said on Wednesday it would keep its gilt issuance plans unchanged for this year but will sell more treasury bills than previously planned, pushing gilt futures to the day's lows.

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