• UK budget sees weaker growth, more borrowing

    19 days ago - By Reuters

    Britain slashed its economic growth forecasts and expects to borrow a lot more going into the next decade, finance minister Philip Hammond said, but he nonetheless plans to spend more in the next couple of years to offset the impact of Brexit. David Pollard reports.
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  • U.K. Finance Minister Seeks to Placate Angry Young Voters

    19 days ago - By NY Times

    With Brexit looming large, more-affordable housing featured prominently as Philip Hammond presented his budget to Parliament.
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  • The U.K. Is Spending $4 Billion Just to Get Ready for Brexit

    19 days ago - By Fortune

    The U.K. is setting aside 3 billion pounds on preparing for Brexit over the next 18 months-and that's just before it pays the EU a penny in its controversial ‘divorce settlement'.
    Treasury chief Philip Hammond outlined the new provisions in his annual budget statement to the House of Commons Wednesday, and said he would allocate “more if necessary.”
    The move is a nod to those in the ruling Conservative Party who are pressing Prime Minister Theresa May to take a hard line on Brexit. They argue that without proper preparations for the reintroduction of borders, such as customs points and...
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  • Philip Hammond just declared war on tech firms like Amazon and Apple that avoid UK tax

    Philip Hammond just declared war on tech firms like Amazon and Apple that avoid UK tax

    19 days ago - By Business Insider

    The Treasury is cracking down on big tech firms like Amazon, Facebook, Google, and Apple that shift UK profits offshore to minimise their tax bills.
    Chancellor Philip Hammond announced that the UK's tax authorities will now charge income tax on British earnings that are held offshore.
    The changes will come into force from April 2019.
    The UK joins the EU in becoming increasingly aggressive about the way big tech firms arrange their tax affairs.
    UK Chancellor Philip Hammond announced a crackdown on big tech firms which use complex, offshore tax structures to minimise their UK tax...
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  • UK Budget courts tech sector with $663M in investments in AI, 5G networks and more

    UK Budget courts tech sector with $663M in investments in AI, 5G networks and more

    19 days ago - By Tech Crunch

    With the UK government continuing to face down criticism over how it is handling plans to remove the UK from the European Union, today the country's Chancellor Philip Hammond delivered an annual Autumn Budget that underscored its continuing push to win over the tech world. In a wide-ranging speech laying out proposals for investment and taxes for individuals and businesses, the...
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  • Victims of the Grenfell Tower disaster were just given £28 million in the budget

    Victims of the Grenfell Tower disaster were just given £28 million in the budget

    19 days ago - By Business Insider

    Philip Hammond pledged a new tranche of funding for Grenfell Tower victims
    Money will go to Kensington and Chelsea Council to fund regeneration
    Victims of the Grenfell Tower fire were allocated £28 million by central government in the chancellor's budget speech on Wednesday.
    Philip Hammond announced the extra money, which will go to Kensington and Chelsea London Borough Council for specific projects to help regenerate the affected area.
    He said: "We will provide Kensington and Chelsea Council with a further £28m for mental health services, regeneration support for the surrounding areas...
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  • Philip Hammond announces an extra £3 billion to prepare for Brexit in Budget

    Philip Hammond announces an extra £3 billion to prepare for Brexit in Budget

    19 days ago - By Business Insider

    Philip Hammond said the government will "look forwards not backwards" after Brexit.
    The chancellor announced an extra £3 billion for Brexit contingency planning.
    He also announced changes to reform the universal credit system and the housebuilding programme in the UK.
    Stamp duty abolished for first time buyers of houses worth up to £300,000.
    LONDON - Philip Hammond has announced an extra £3 billion is being set aside to help Britain cope with the challenges of Brexit.
    The chancellor said there would be an extra £3 billion over the next 3 years for Brexit contingency planning and that the...
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