Editor’s Note Editor’s Note Hello and welcome to the April 2014 Edition of Finance Monthly
In the weeks since our last issue there have been a number of noteworthy developments within the financial and corporate spheres as well as the wider global economy.
UK Chancellor of the Exchequer, George Osborne, delivered his Budget Statement to Parliament, setting out how the government plans to take further action to secure the recovery and build a more resilient economy.
The UK Government has expressed that it is working to support businesses to invest, export, and create jobs, all in an effort to lay the foundations for sustainable economic growth. In addition, Osborne’s Budget sets out a series of radical reforms to saving for a generation, with the hope of providing security for families to plan for their future. Furthermore, with a reduction in taxes for the average working person, and a tougher stance on tackling tax avoidance, it is list of measures that has, for the most part, been well received.
There have, however, been reservations. In an in-depth analysis of the Budget by BDO, the accountancy firm expressed “[While the] announcements will help Britain maintain its growth, it was a missed opportunity − we believe measures could have been implemented to stimulate more growth […] This time last year the economic backdrop was bleak but now the economy is showing strong growth.”
It’s now time to observe just how effective Osborne’s measures will be and what impact they will have upon businesses for the year ahead. Among some of the key changes affecting businesses are the temporary increase in the annual investment allowance; improvements to enhanced capital allowances; an increase in export finance lending, and the lowering of the corporate tax rate to 20%, which when made effective in April 2015 will be the joint lowest in the G20 and the lowest in the G7.
Oh yes, in case you missed it, the G8 became the G7 late last month when Russia’s involvement in the developing Crimean crisis led to talks of suspending or expelling the nation from the forum. On March 24, UK Prime Minister David Cameron announced that the 40th summit would not occur in Russia as originally planned due to Vladimir Putin’s aggressive stance in Ukraine. In addition, the European Union and the US have been imposing sanctions on Russian and Ukrainian individuals as the diplomatic crisis intensifies, which while not expected to affect the vast majority of non-Russian EMEA corporate ratings, might spoil the chances of seeing Miley Cyrus live in concert as long as Helsinki’s Hartwall venue is owned by those in Putin’s “inner circle”.
To help soothe the impact of that wrecking ball, we’ve put together a great selection of exclusive interviews and articles examining everything from Bitcoins, to integrated reporting, and doing business in Canada. If you’re still left wanting more, simply head over to the Finance Monthly website and follow us on Twitter @Finance_Monthly, we’ll keep you connected to the best of the latest developments in the corporate and financial world.
I hope you enjoy this issue of Finance Monthly magazine. All the best,
Mark Palmer Executive Editor
PUBLISHER Parity Media Limited
EXECUTIVE EDITOR Mark Palmer
mp@parity-media.com
PRODUCTION MANAGER Emma Tansey
production@finance-monthly.com
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