George Osborne news and archive

George Osborne declares UK economy “fundamentally strong"

Chancellor George Osborne has made his first public appearance since the Brexit vote to declare that the British economy is “fundamentally strong” and “open for a business” in an attempt to calm global financial markets. “Britain is ready to confront what the future holds for us from a position of strength,” said Osbourne in a statement from the...

Business

N Brown to pay National Living Wage to under 25s

As the National Living Wage has come into effect from April 1, 2016 onwards, under which the minimum wage is set at 7.20 pounds per hour for everyone above the age of 25, British e-tailer N Brown has announced it aims to increase the minimum wage for all its employees, regardless of age. The online retailer, known for fashion labels such as...

Retail |UPDATE

HMRC launches review against airport stores who fail to pass on VAT savings

Airport stores who do not pass on VAT savings to customers will come under scrutiny as the government launches a review into the "simply unacceptable" practice. The review comes four months after an undercover investigation launched by the Independent found that airport stores in the UK where collecting millions of pounds in VAT discounts on...

Business

Increase in UK minimum wage to cost private-sector employers over 1 billion pounds

The new National living wage introduced by Chancellor George Osborne is set to cost private sector employers over 1 billion pounds annually, warns watchdog the Regulatory Policy Committee (RPC). According to the RPC, an independent public body and government adviser, the new policy is set to affect 1.7 million employees and cost business 804.4...

Retail

National Living Wage may negatively impact independent retailers

The Chancellor used his first Conservative Budget to cut benefits for low-paid employees whilst introducing a National Living Wage which will force businesses to pay them more. However, a number of retail analysts have warned that this new wage may have a "devastating impact" on independent retailers and may lead to price increases for...

Retail

Restrictions on Sunday trading hours to be lifted in the Chancellor's budget

One of the largest changes to trading laws is set to be revealed on Wednesday. The Chancellor is poised to lift the Sunday restrictions on trading and allow Britain's towns and cities decide how long shops may stay open on Sunday, putting an end to the national ban on large stores open for more than 6 hours. Under current legislation, bigger...

Fashion

Luxury spending made easier for Chinese visitors

Following Chancellors George Osborne announcement concerning plans to introduce a simplified visa application for Chinese visitors, London Luxury Quarter revealed plans catered made for their Chinese visitors. The exclusive quarter is set to offer ‘a series of bespoken private experiences for Chinese guests’ featuring some of the finest stores...

Fashion

Sunday trading during Olympics

The government is planning to lift all Sunday trading restrictions for eight weeks in July and August during the London Olympics and Paralympics in an attempt maximise the economic potential of the sporting event. Chancellor George Osborne said: "We have got the whole world coming to London and the rest of the country for the Olympics. It would...