UK Chancellor Says Growth Higher than Expected

George Osborne unveiled sweeping changes to stamp duty that he said would cut the charge for vast majority of buyers as he unveiled his final autumn statement before the election.

The chancellor also hailed faster economic growth but admitted Britain’s deficit was still too high.

In a package of measures that he descibed as amounting to a “tightening” of the public finances rather than a net giveaway, Osborne also unveiled a so-called “Google tax” to crackdown on multinational companies not seen to be paying their fair share.

He saved his most headline grabbing measure for last, announcing at that stamp duty will be cut for 98% of people who pay it and that only the highest value residential properties will pay more.

“‘I’m announcing a complete reform of a tax that has been described as one of our worst-designed and most damaging of all taxes,” Osborne said as he unveiled the changes, that had been trailed in media reports on Wednesday morning.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza