Lower interest rates will slightly increase the Chancellor's fiscal headroom for election year tax cuts, but these will be sandwiched between far bigger past and future tax rises, according to new Resolution Foundation research published on Wednesday 21 February 2024. The Foundation's Spring Budget 2024 preview examines how the Office for Budget Responsibility might update its economic and fiscal outlook ahead of the Budget on 6 March, what this could mean for the size and shape of new tax cuts, and how these would fit into the government's wider tax and spend plans.
ONS government borrowing figures published on Wednesday 21 February 2024 suggest that the public sector ran a surplus of £16.7 billion in January. This is much bigger than the £7.5 billion surplus it ran in January 2023, and is the biggest January surplus on record.
The government is rolling out gigabit networks faster than any other country in the EU. Government has delivered faster, more reliable connectivity to an average of one building every six minutes since project began, as one million properties connected.
The Scottish Government's 10-year economic strategy currently lacks collective political leadership and clear targets. The government launched its National Strategy for Economic Transformation (NSET) in March 2022.
The expansion of a ‘world-leading' data and analytics platform will help improve collaboration and innovation across Scotland's health and social care system. Seer is a platform that allows staff to access and analyse data easily, helping clinicians, teams and boards in decision-making around patient care and the planning of resources.
Public sector net borrowing excluding public sector banks (borrowing) in January 2024 was in surplus by £16.7 billion, more than double the surplus of January 2023 and the largest surplus since monthly records began in 1993 in nominal terms. Each January tax receipts are always higher than in other months, owing to receipts from self-assessed taxes; combined self-assessed income and capital gains tax receipts were £33.0 billion, £1.8 billion less than a year earlier.
The Chief Statistician has released statistics on the reliefs and exemptions from non-domestic rates that were in place on 1 July 2023. These figures were produced by independent statistical staff, free from any political influence, in accordance with professional standards set out in the Code of Practice for Statistics.
The UK government confirms its withdrawal from the Energy Charter Treaty after efforts to agree vital modernisation fail. European countries have been unable to reach agreement on modernisation of the Energy Charter Treaty.
US President Joe Biden announced that more than 150,000 student loan borrowers will have their debt forgiven under a program aimed at providing relief for Americans who had been making their payments for at least a decade and borrowed less than $12,000. The move, worth a total of $1.2 billion, will benefit those enrolled in the government's Saving on a Valuable Education (SAVE) plan.
In 2022, the U.S. Internal Revenue Service received a historic infusion of $80 billion, partly to bulk up the beleaguered agency's capacity to audit America's ultra-rich.
DINGWALL, Dingwall & Highland Marts Ltd., (February 20th) sold 12 Prime Cattle. Prime Bullocks (2) averaged 285.16p per kg (-11.8p) and sold to 295.0p per kg and £1,780.20 gross.
Rishi Sunak paid over £500,000 in UK taxes last year, recent documents published by the government revealed. As well as displaying a considerable contribution to the nation's coffers, the details of the prime minister's financial affairs also highlighted a common perk enjoyed by many wealthy British citizens who have substantial investments: that their tax bill is a fraction of what it would be if they received all of their money as earnings from their day job.
Late yesterday, Transport Scotland formally confirmed funding for the Wick-Aberdeen PSO to continue in 2024/25. This decision has come about following submission of information about the service including a substantial increase in passenger numbers over the first two years of operation.
Businesses will be urged to tackle in-work sickness and stop people falling out the workforce, following the appointment of Dame Carol Black as the Government's new Occupational Health Tsar. Dame Carol Black, an experienced health policy advisor, will lead a new Taskforce to improve employer awareness of the benefits of Occupational Health in the workplace.
The Body Shop has become the latest casualty of the British high street. The familiar sight (and distinctive smell) of its stores is under threat as the UK arm of the business goes into administration.
Key express air cargo routes are experiencing severe delays and rising rates. Confronted by China's Lunar New Year holiday and continuing Houthi attacks on shipping, some global companies are switching to air transport.
The Highland Council is currently unable to confirm whether funding will be available to support the Wick-Aberdeen Public Service Obligation (PSO) after 31st March 2024. The funding for the PSO is currently provided on the basis of £1.3m annually, with £1m committed by the Scottish Government and £0.3m committed by The Highland Council.
Finance companies Satchi Holdings PLC and Hartreel Ltd wound-up after misleading investors and failing to cooperate with an investigation into the firms' affairs. Brother and sister Michael Haston and Jennifer McQueen ran Satchi Holdings PLC which raised £3million from members of the public Investors' money was loaned to other companies owned by Haston and only £200,000 of customer investments were used for legitimate loans Two finance companies have been wound up in the public interest after misleading people into investing a total of at least £3million in an unprotected bond scheme.
A collaborative network of Head Teachers and Education Officers are working closely together with the goal of improving attainment and achievement in Highland primary schools. Cllr John Finlayson, Education Chair said: "It is essential that we have strong, consultation and communication strategies in place and there is effective and ongoing collaboration between our schools and our central education service.
A new partnership between The MacRobert Trust and Inclusive Farm will provide people with disabilities, additional needs or difference, a new route into agriculture. Through the provision of land and buildings by The MacRobert Trust in Tarland, Aberdeenshire, a new farming enterprise entitled ‘Inclusive Farm Scotland at MacRobert', will be designed by, and for, people with disabilities, additional needs or difference.