CCR Magazine

You are here  :Home arrow News arrow Budget 2016: CPS reaction
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


Budget 2016: CPS reaction PDF Print E-mail
Wednesday, 16 March 2016

Budget reaction from CPS head of economic research Daniel Mahoney: “George Osborne’s commitment to further spending cuts along with changes to the personal allowance and 40p tax thresholds is welcome

"Some of the Budget’s tax proposals will also undoubtedly help boost British enterprise, particularly announcements on business rate relief, corporation tax and tax cuts for the offshore oil and gas industry. It is also welcome that a new Lifetime Savings ISA will be introduced, which is very similar to the proposal from CPS Research Fellow Michael Johnson.

However, the Chancellor has unfortunately ducked some of the more major reforms needed. His announcement on tax simplification, for example, falls far short of what is required. As highlighted by CPS Research Fellow David Martin, the UK’s burdensome tax code has nearly doubled in length since 2010, and there is nothing in the Budget to reverse this worrying trend.

It is also concerning that the fiscal impact of this Budget is almost exclusively in the year 2019-20 – the year when George Osborne needs to achieve a budget surplus. Part of this is accounted for by the £3.5 billion of additional unspecified spending cuts, and it will be important to scrutinise the details of these cuts.”

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197