Credit, Collections & Insolvency News
Ahead of the Budget on 30th October, UK Finance has released its Autumn Budget submission. The submission includes measures on delivering economic growth and tackling fraud.
The proposals focus on delivering economic growth include a roadmap for business taxation includes a specific roadmap for banks. UK Finance is also proposing an increase at which the threshold at which first-time buyers pay stamp duty and an increase on all stamp duty bands annually. Put the Growth Guarantee Scheme on a longer-term footing. Incentivise share ownership by abolishing the 0.5 per cent share purchase stamp duty for UK equities.
Regulate Buy Now Pay Later and reduce barriers to lending by urgently reforming the Consumer Credit Act. Utilise the dormant asset funds to finance the delivery of mandatory financial education in all schools and a recommendation to establish a new cross-government task force to tackle financial abuse.
The submission also proposes measures to tackle fraud by making technology, social media and telecoms companies contribute to the cost of tackling economic crime and fraud reimbursement, through a broader more accountable reimbursement model and funding to bolster prevention.
David Postings, Chief Executive of UK Finance, said “The new government has been clear that it is focused on delivering sustained economic growth, and financial services are vital in achieving that goal. The upcoming Budget is an important opportunity for the government to set out a clear plan for the UK. In our submission, we have called on the government to not only introduce measures to bolster growth, but also a range of ideas to help support households and businesses up and down the country. As a vital part of the UK economy, financial services will play an active role in supporting growth and building a better society for all.”