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UK — Budget 2011

March 24, 2011 Comments off

Budget 2011
Source: HM Treasury (via BIS)

The Chancellor, George Osborne, presented the 2011 Budget on 23 March.

The Government’s economic policy objective is to achieve strong, sustainable and balanced growth that is more evenly shared across the country and between industries.

The Plan for Growth, published at Budget, sets out a package of measures to support private sector investment, enterprise and innovation. It is based around four overarching ambitions for the British economy:

  • Create the most competitive tax system in the G20.
  • Make the UK one of the best places in Europe to start, finance and grow a business.
  • Encourage investment and exports, creating a more balanced economy.
  • Create a more educated workforce that is the most flexible in Europe.

+ Plan for Growth (PDF)

Categories: business and economics, government and politics, HM Treasury, United Kingdom

UK — A new approach to financial regulation

March 22, 2011 Comments off

A new approach to financial regulation (PDF)
Source: HM Treasury

1.1 The financial services sector has a vital role to play in the UK economy. The sector is, of course, one of the UK’s leading employers, exporters, and contributors to GDP. Banks, insurance companies and other financial institutions also play a fundamental role in transforming savings into productive investment in the economy, and in allowing the efficient management of risk. By doing so, they provide businesses with the finance needed to grow, and enable individuals to access services allowing them, for example, to manage their day-to-day finances, cover themselves if things go wrong or buy a home.

1.2 The financial crisis that started in 2007, which began with a run on a major high-street bank and resulted in part-nationalisation of two of the largest banks in the world, has left the UK economy vulnerable. The crisis was caused by the failure of financial institutions to manage themselves prudently, and of regulators to spot the risks that were building up across the system as a whole. Most developed economies – including the UK’s – are emerging from the deepest recession for generations. The aftershocks of the crisis are still being felt in a number of countries, as sovereign debt markets get to grips with the fiscal implications of lower output and financial sector rescue packages.

1.3 The Coalition Government has, since taking office, decisively tackled the UK’s deficit through a comprehensive spending review which will, over the next three years, return the public finances to health. The Government has also made clear its commitment to restoring the UK economy to sustainable, long-term growth, recognising the crucial role of the financial sector. As they rebuild their balance sheets – often with direct or indirect support from the taxpayer – banks must continue to lend to the businesses that are the engine of economic growth, particularly small and medium enterprises.

Categories: banks and banking, business and economics, government and politics, HM Treasury, legal and law enforcement, United Kingdom
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