Budget to be used as platform for setting out economic roadmap
Accountancy Age, 17 Apr 2009
Mid-tier accountancy firm BDO Stoy Hayward is urging Chancellor Alistair Darling to use next week's Budget to address the UKs medium-term fiscal deficit.
Stephen Herring, senior tax partner at BDO Stoy Hayward, said: 'The key issue, as recently highlighted by Mervyn King, is whether or not the Chancellor will be able to reconcile the need to increase taxation in the medium term with the shorter term perception that further fiscal stimuli are required?'
In last year's pre-Budget report, Darling forecasted the annual budget deficit to be £77.6bn (and £118bn and £105bn in 2008/09, 2009/10 and 2010/11 respectively), but according to Herring, this will be far higher now due to falling tax revenues, bank bail-outs and rising unemployment.
Further Reading:
How to make better financial decisions - Free FD Handbook
When reviewing your business and accounting software, this free two- part guide explains all you need to know.
The Future of the Financial Close: Automating Account Reconciliations and Review
Many firms have made account reconciliation automation the focus of their drive. This paper describes why.
More white papers
Keep up to date with the latest products, services and technologies from the world's leading IT companies; IThound.com brings you over 6,000 white papers, case studies and analyst reports.
Comments
Have your say on this article