Posts belonging to Category 'Global economy'

UK Home Counties TAX PAYERS Pay More

The new UK Government 2010 has a lot of work to do. The financial meltdown, and the ensuing Global economic crisis has only been averted by massive Quantitative Easing, by all the major world economies, especially in the UK.

Whilst I am in little doubt that such drastic intervention was probably necessary, it has the effect of moving UK Tax Revenues to pole position in UK Government priorities. This brings me to the key point of the article:  Are you aware or did you realise that Tax Payers in the UK Home Counties (see list below) pay significantly MORE TAX than other parts of the UK, according to recent research by Accountancy firm UHY Hacker Young (Tax Map).

1. Buckinghamshire, 2. Essex, 3. Hertfordshire, 4. Berkshire, 5. Middlesex, 6. Kent, 7. Surrey, 8. Sussex (East), 9. Sussex (West).

All the more reason for business owners to get in contact with their Business Accountant, if they haven’t got a good one then they should use a free online service like Accountant Now to find one, and ask them for business advice and assistance regarding their tax liabilities. There may be opportunities in their business to be more tax efficient. Good accountants constantly keep up to date and invest substantially in tax research to keep their clients one step ahead of the UK Treasury, who does not always have Uk entrepreneurs and their best interests at heart. Yet it is the the UK Government who often look to UK Entrepreneurs to spearhead growth.

US President Barack Obama’s fantastic work – keep it up

US President Barack Obama is doing fantastic work re-building, or possibly even creating for the first time, a relationship globally with nations, and restoring or enhancing US international reputation.

At  the same time President Obama has been delivering measureable results in shifting and moving opinion for positive change on the homefront in the US.

 I am asking you to believe (says Barack Obama)

is reminiscent of the courageous Afro-American visionary Martin Luther King and his

I have a dream (Martin Luther King)

Washington speech of 63.

Based in the UK, I am monitoring the impact in Britain (UK Treasury) and more importantly reaction around the world. The positive impact has been felt in Iran, as well as much of the Middle East and the recent warming of Israeli-Palestine relations.
President Obama has been also speaking out against and at the same time encouraging reconciliation and reform of the major players in the US economy (especially amongst the PowerCrats - the US financial institutions and US global corporations). Time will tell if his endeavours will produce the fruits of his labour, but the signs are promising and it is lifting business sentiment globally.

Julian Rowe, Business Correspondence, Business Service Finder.

For more business news try BBC Business News

US national debt v UK public debt.

Let’s start with Big Brother….
With many thanks to the (US) Treasury Direct site for the up-to-date financial information and recent article

The (US) Debt to the Penny and Who Holds It (17 JUN 09).

The US national debt stands at US$ 17 TRILLION DOLLARS

Current Debt Held by the Public:

US$ 7,133,486,161,909 (US$7 Trillion for short)

Intragovernmental Holdings:

US$ 4,269,284,066,164.82

Total Public Debt Outstanding:

US$ 11,402,770,228,073.98 (US$11.4 TRILLION)

In contrast

UK PUBLIC DEBT.
The uk national debt jumped to £744bn, or 51% of GDP.

Excluding the bailouts, however, the national debt was at a more respectable 42% of GDP.

British politics will be shaped by public debt (says Martin Kettle, www.Guardian.co.uk 22-Apr-09

Alistair Darling’s fiscal plans indicate the 2010 general election will focus on UK’s debt mountain

Public finances continue to deteriorate at an alarming rate, (said Andrew Goodwin, Economic advisor).

A straight comparison is approximately $1 trillion debt for UK

and for the US is $11 trillion debt.
US Population 303m (5 times larger than UK).
UK Population 61m

Yet US better able to support and sustain the debt.

The United States is at risk of losing its triple-A credit rating unless it starts putting its finances in order (says Former Fiscal Head reports Financial Times).

Darling, British Chancellor, is being urged to take more action to bolster the Government finances, in face of threat to downgrade UK creditworthiness with UK public borrowing at record levels. Standard & Poor revised its outlook for Britain’s debt rating to NEGATIVE from Stable.

This will mean a massive hike in the cost of borrowing. Darling appears to be blind to this fact. Can the UK afford it? The US is unlikely to lose their rating, despite threats.

Impact on UK business?

If you as a busines sowners do not have good advisers, then now is the time to get them. Do not wait till the gloom turns to doom. The UK will have 2 more years of maounting unemployment, mushrooming to over 3m. Can the UK Govt. afford it and can it manage this crisis?

For hardened busiess support professionals, try Business Service Finder‘s new free online resource  for SME owners and senior management.