George Osborne

More than a fifth of UK’s ‘austerity children’ scarred by poverty, study says

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https://www.theguardian.com/society/2026/apr/13/uk-austerity-children-scarred-poverty-study-conservatives

Austerity policies effectively pitched hundreds of thousands more children into sustained poverty. Photograph: Linda Nylind/The Guardian

Researchers say hardship is a direct legacy of welfare benefit cuts imposed by Tory governments in recent years

More than a fifth of all “austerity generation” British children have been scarred by poverty for at least half their childhood, a direct legacy of the welfare benefit cuts imposed by Conservative governments in recent years, research reveals.

The proportion of children born after 2013 who spent at least six of their first 11 years of life in hardship surged after ministers froze working age benefits levels and imposed policies such as the two-child limit, it found.

Austerity policies, which drastically shrank annual welfare spending by tens of billions a year and took thousands of pounds a year out of low-income family budgets, effectively pitched hundreds of thousands more children into sustained poverty.

The University of Oxford study said the austerity-era growth in children exposed to poverty for most of their formative years was a “significant social problem” that would cause long-term harms to their health, education and life chances.

The study’s co-author, Selçuk Bedük, said the post-2013 austerity cuts to welfare increased both the numbers of children experiencing poverty and the time they spent in it. As a consequence, long-term poverty was now a defining factor in the childhood of about 23% of British youngsters.

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Austerity cuts masterminded by the former Tory chancellor George Osborne and the ex-welfare secretary Iain Duncan Smith included the benefit cap, the bedroom tax, the two-child benefit limit, cuts to the generosity of universal credit, and years of benefit rate freezes. By 2021, they had stripped about £37bn a year from welfare spending.

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Original article at https://www.theguardian.com/society/2026/apr/13/uk-austerity-children-scarred-poverty-study-conservatives

Keir Starmer says that the Labour Party under his leadership is intensely relaxed about assaulting those least able to defend themselves - the very poorest and most vulnerable.
Keir Starmer says that the Labour Party under his leadership is intensely relaxed about assaulting those least able to defend themselves – the very poorest and most vulnerable.
Continue ReadingMore than a fifth of UK’s ‘austerity children’ scarred by poverty, study says

Reeves orders 5% cuts across all government departments in ‘efficiency drive’

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Keir Starmer justifies why he has to travel abroad so much
Keir Starmer justifies why he has to travel abroad so much

https://morningstaronline.co.uk/article/reeves-orders-5-cuts-across-all-government-departments-in-efficiency-drive

CHANCELLOR Rachel Reeves has ordered 5 per cent cuts across government departments in an “efficiency drive” that resembles austerity.

Announcing the spending review, Ms Reeves said: “I have no doubt that we can find efficiency savings within government spending of 5 per cent and I’m determined to do so.”

She said the cuts would be secured by cracking down on waste and focusing on the five “milestone” policies Prime Minister Sir Keir Starmer outlined in his government relaunch last week.

Those were boosting living standards, building more homes, cutting NHS waiting lists, ensuring children are ready for school and raising military spending to 2.5 per cent of gross domestic product.

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The 5 per cent reductions are to be achieved over three years, the Treasury said, adding that the Chancellor will “work with departments to prioritise spending that supports the milestones to deliver the plan,” indicating that areas not a “milestone,” such as welfare, will be squeezed.

Ms Reeves denied that her move replicated a similar announcement by her predecessor George Osborne at the height of Tory austerity.

Green Party co-leader Adrian Ramsay said: “Labour call their 5 per cent cuts across government departments ‘efficiency savings.’ We call it what it is: cuts to services.

“This amounts to the continuation of the same damaging, unpopular and unnecessary policy that has so devastated our country over many years.”

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Read the complete, original article at https://morningstaronline.co.uk/article/reeves-orders-5-cuts-across-all-government-departments-in-efficiency-drive

Continue ReadingReeves orders 5% cuts across all government departments in ‘efficiency drive’

‘Truly shocking’ that the private-school educated and affluent middle class still run Britain, says Sir John Major

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http://www.telegraph.co.uk/news/politics/conservative/10439303/Truly-shocking-that-the-private-school-educated-and-affluent-middle-class-still-run-Britain-says-Sir-John-Major.html

The dominance of a private-school educated elite and well-heeled middle class in the “upper echelons” of public life in Britain is “truly shocking”, Sir John Major has said.

The dominance of a private-school educated elite and well-heeled middle class in the “upper echelons” of public life in Britain is “truly shocking”, Sir John Major has said.

The former Conservative Prime Minister said he was appalled that “every single sphere of British influence” in society is dominated by men and women who went to private school or who are from the “affluent middle class”

More than half of the Cabinet, including David Cameron, the Prime Minister, George Osborne, the Chancellor, and Nick Clegg, the Deputy Prime Minister, are thought to have gone to private school [Isn’t that a fact? what’s this “though to have”? Isn’t it closer to all than half?] and are independently very wealthy.

In the speech to Tory party grassroots activists on Friday evening, Sir John – who went to a comprehensive in south London and left school with three O-Levels – said: “In every single sphere of British influence, the upper echelons of power in 2013 are held overwhelmingly by the privately educated or the affluent middle class. To me from my background, I find that truly shocking.”

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Continue Reading‘Truly shocking’ that the private-school educated and affluent middle class still run Britain, says Sir John Major

Eurobond tax scandal: David Cameron accused of dodging concerns over loophole that costs Treasury at least £500m a year

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http://www.independent.co.uk/news/uk/politics/eurobond-tax-scandal-david-cameron-accused-of-dodging-concerns-over-loophole-that-costs-treasury-at-least-500m-a-year-8899864.html

Prime Minister refuses to explain why he hasn’t stopped use of Eurobond exemption

cameronunhappyGETTYDavid Cameron’s attempts to “brush aside” legitimate concerns that the Government has not yet closed a legal tax loophole, which is losing the public purse at least £500m a year, have been condemned by MPs and campaigners.

When asked at Prime Minister’s Questions about revelations in The Independent that the Coalition had failed to stop the use of the quoted Eurobond exemption to avoid tax, Mr Cameron said decisions had been made by the Treasury and implied that was the end of it.

Shabana Mahmood, Labour MP for Birmingham Ladywood and shadow Exchequer Secretary to the Treasury, said: “It’s pretty shocking that David Cameron just brushed aside this important question. We’re talking about a loophole that costs us around half a billion a year, yet the Prime Minister arrogantly dismisses the issue. At a time when families are facing a cost-of-living crisis and the deficit is high, this isn’t good enough.”

She added: “David Cameron and George Osborne must explain why they decided not to close this loophole. And we need a government that takes tax avoidance seriously and is on the side of the majority of families and businesses who pay their fair share.”

The campaign group UK Uncut says it is now considering targeting the high-street chains highlighted in The Independent, which include Nando’s, Pizza Express, Café Rouge, BHS, Maplin, Office and Pets at Home. The companies all cut their taxable profits by borrowing at high interest from their owners through the Channel Islands Stock Exchange.

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27/11/13 Having received a takedown notice from the Independent newspaper for a different posting, I have reviewed this article which links to an article at the Independent’s website in order to attempt to ensure conformance with copyright laws.

I consider this posting to comply with copyright laws since
a. Only a small portion of the original article has been quoted satisfying the fair use criteria, and / or
b. This posting satisfies the requirements of a derivative work.

Please be assured that this blog is a non-commercial blog (weblog) which does not feature advertising and has not ever produced any income.

dizzy

Continue ReadingEurobond tax scandal: David Cameron accused of dodging concerns over loophole that costs Treasury at least £500m a year

Eurobonds scandal: The high street giants avoiding millions in tax

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http://www.independent.co.uk/news/uk/politics/eurobonds-scandal-the-high-street-giants-avoiding-millions-in-tax-8897591.html

Many of Britain’s best-known high street chains are avoiding millions of pounds in tax through the controversial Eurobonds scheme.

Food chains including Nando’s, Pizza Express, Café Rouge, Strada and Pret A Manger have cut their taxable profits by borrowing from their owners through the Channel Islands Stock Exchange. High street retailers doing the same include BHS, the electronics retailer Maplin, Office and Pets At Home. The revelations form the third part of an investigation by Corporate Watch and The Independent into major UK companies using the quoted Eurobond exemption, a regulatory loophole the Government knows about but has decided not to close.

David Cameron is expected to be questioned today in Parliament about the scheme and HMRC’s failure to tackle it. Instead of putting their money in the shares of the companies they buy, the owners – mostly private equity funds – lend it instead. The interest on the loans cuts the UK companies’ taxable income each year and the exemption – triggered because the loans are listed on the Channel Islands Stock Exchange – means the interest goes to the owners tax free. Without this loophole, HMRC could deduct a 20 per cent “withholding tax” from payments overseas and the overall tax saving would be greatly reduced. Yesterday The Independent reported how Camelot had avoided tax using this method and how HMRC was lobbied by financial firms to keep the loophole open.

Murray Worthy, a tax campaigner with War on Want, said: “This isn’t just a niche issue that’s being used by a handful of companies. We’ve seen how angry people are about the ease with which these companies can avoid paying their fair share, [and] the only reason this is happening is because of the influence of big business on the Government’s tax rules.” Gondola Group – which owns Pizza Express, Zizzi and Ask – has avoided as much as £77m in UK corporation tax since it was bought by the Cinven private equity fund in 2006. Cinven loaned Gondola more than £300m at a 12.5 per cent interest rate but only invested £8m in equity. Instead of receiving the interest payments on the loans every year, Cinven has allowed it to accrue on the debt, compounding the amount taken off Gondola’s profits every year. When Cinven sells the restaurants, which it is reportedly considering, it can receive the £276.8m it is owed tax free.

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27/11/13 Having received a takedown notice from the Independent newspaper for a different posting, I have reviewed this article which links to an article at the Independent’s website in order to attempt to ensure conformance with copyright laws.

I consider this posting to comply with copyright laws since
a. Only a small portion of the original article has been quoted satisfying the fair use criteria, and / or
b. This posting satisfies the requirements of a derivative work.

Please be assured that this blog is a non-commercial blog (weblog) which does not feature advertising and has not ever produced any income.

dizzy

Continue ReadingEurobonds scandal: The high street giants avoiding millions in tax