In recent years, SMEs have found it increasingly easy to obtain unsecured loans. Many business owners are not able, or willing, to provide collateral for a secured loan so they’re turning to the growing market of unsecured debt.
Britain now has the highest property taxes in the developed world, according to an analysis by the OECD. It found property taxes accounted for 12.7% of the total tax burden in 2014, compared to an average of 5.6% among the OECD's 35 members.
Philip Hammond has said £2bn could be raised through a new clampdown on tax evasion, avoidance and aggressive tax planning. The measures will include a new penalty for lawyers and accountants who enable the use of avoidance schemes later found to be improper.
The Times’ Mark Little and the Telegraph’s Mathew Lynn both call for the Chancellor Phillip Hammond to use his Autumn statement as an opportunity to scrap swathes of taxes. They say Britain’s tax system has become dysfunctional and inefficient. Mr Littlewood says Mr Hammond should be seeking to ease the overall tax burden down to about 30% of national income to boost confidence and stimulate growth.
UK public sector net borrowing was £1.3bn higher in September than at the same time last year and greater than the £8.5bn that economists had been expecting, according to the ONS. This brought the deficit for the first six months of the year to £45.5bn with £55.5bn forecast by the OBR for the year.