The global world of tax and spend

Article Abstract:

The mature economic cycle which the UK is now experiencing following a serious recession has led to rising incomes, increased employment, higher consumer spending and rising tax revenues. Its effect can clearly be seen in the government's 1996 Budget, in which some taxation has been reduced and the public sector deficit has been addressed. The Budget is very unlike the extremely partisan Conservative budgets of the 1980s or Labour budgets of the late 1970s, and could in fact have come from either party.

United Kingdom, Economic aspects

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Boost for better-off families as poorest third lose

Article Abstract:

The UK government's 1996 Budget will make households in the highest 30% of incomes around 1% better off, with an average 2 pounds sterling a week gain for all households. However, the bottom 10% of households will lose more than 60p a week. Income tax changes will bring the largest cash impact for people with incomes at or above the higher rate threshold, with most benefit to households with several high earners. Considerable losses in benefit income could be experienced by lone parents.

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Guarded reaction from markets as fears grow of base rate rise

Article Abstract:

The relatively neutral 1996 Budget presented by UK chancellor Kenneth Clarke has been given a muted reception by financial markets. The Budget contained no measures which had not been anticipated, and was very cautious in tone. However, financial analysts are still concerned about interest rates, which may have to rise if the current growth in consumer spending does not slow down soon.

Forecasts and trends, Interest rates

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