|First Secretary of State|
8 May 2015 –13 July 2016
|Prime Minister||David Cameron|
|Preceded by||William Hague|
|Succeeded by||Damian Green (2017)|
|Chancellor of the Exchequer|
11 May 2010 –13 July 2016
|Prime Minister||David Cameron|
|Preceded by||Alistair Darling|
|Succeeded by||Philip Hammond|
|Deputy Leader of the Conservative Party|
8 May 2015 –13 July 2016
|Preceded by||William Hague|
|Succeeded by||Damian Green|
8 December 2005 –14 January 2009
Servingwith William Hague
|Preceded by||Michael Ancram|
|Succeeded by||William Hague|
|Shadow Chancellor of the Exchequer|
5 May 2005 –11 May 2010
|Leader|| Michael Howard |
|Preceded by||Oliver Letwin|
|Succeeded by||Alistair Darling|
|Shadow Chief Secretary to the Treasury|
14 June 2004 –5 May 2005
|Preceded by||Howard Flight|
|Succeeded by||Philip Hammond|
| Member of Parliament |
7 June 2001 –3 May 2017
|Preceded by||Martin Bell|
|Succeeded by||Esther McVey|
Gideon Oliver Osborne
23 May 1971
Paddington, London, England
Frances Howell (m. 1998)
|Alma mater||Magdalen College, Oxford|
|Website|| Official website |
George Gideon Oliver Osborne CH (born 23 May 1971) is a British newspaper editor and former Conservative Party politician, who was Member of Parliament (MP) for Tatton from June 2001 until he stood down on 3 May 2017. He served as Chancellor of the Exchequer under Prime Minister David Cameron from 2010 to 2016. He has been editor of the London Evening Standard since May 2017 and chair of the Northern Powerhouse Partnership (NPP) since September 2016.
The Conservative Party, officially the Conservative and Unionist Party, sometimes informally called the Tories, is a centre-right political party in the United Kingdom. The governing party since 2010, it is the largest in the House of Commons, with 312 Members of Parliament, and also has 249 members of the House of Lords, 4 members of the European Parliament, 31 Members of the Scottish Parliament, 11 members of the Welsh Assembly, eight members of the London Assembly and 8,916 local councillors.
The House of Commons, officially the Honourable the Commons of the United Kingdom of Great Britain and Northern Ireland in Parliament assembled, is the lower house of the Parliament of the United Kingdom. Like the upper house, the House of Lords, it meets in the Palace of Westminster. Owing to shortage of space, its office accommodation extends into Portcullis House.
Tatton is a constituency represented in the House of Commons of the UK Parliament since 2017 by Esther McVey, a Conservative.
Osborne worked briefly as a freelancer for The Daily Telegraph before joining the Conservative Research Department in 1994 and becoming head of its political section. He went on to be a special adviser to Douglas Hogg, the Minister of Agriculture, Fisheries and Food, and worked at 10 Downing Street as well as for Prime Minister John Major's campaign team in the party's unsuccessful 1997 general election campaign, before becoming a speechwriter and political secretary to Major's successor as party leader, William Hague.
The Daily Telegraph, known online as The Telegraph, is a national British daily broadsheet newspaper published in London by Telegraph Media Group and distributed across the United Kingdom and internationally. It was founded by Arthur B. Sleigh in 1855 as Daily Telegraph & Courier.
The Conservative Research Department (CRD) is part of the central organisation of the Conservative Party in the United Kingdom. It operates alongside other departments of Conservative Campaign Headquarters in Westminster.
The Minister of Agriculture, Fisheries and Food was a United Kingdom cabinet position, responsible for the Ministry of Agriculture, Fisheries and Food. The post was originally named President of the Board of Agriculture and was created in 1889. In 1903, an Act was passed to transfer to the new styled Board of Agriculture and Fisheries certain powers and duties relating to the fishing industry, and the post was renamed President of the Board of Agriculture and Fisheries.
Osborne was elected as MP for Tatton in 2001, becoming the youngest Conservative member of the House of Commons. He was appointed Shadow Chief Secretary to the Treasury by Conservative leader Michael Howard in 2004. The following year he ran David Cameron's successful party leadership campaign. Cameron then appointed him Shadow Chancellor of the Exchequer and, after the 2010 general election, Chancellor of the Exchequer in the Conservative–Liberal Democrat coalition government.
The Shadow Chief Secretary to the Treasury is a member of the Shadow Cabinet, and is the deputy to the Shadow Chancellor. The Shadow Chief Secretary to the Treasury acts as the primary opposition to the equivalent Governmental position, the Chief Secretary to the Treasury, who is deputy to the Chancellor of the Exchequer. Currently the position of Shadow Chief Secretary to the Treasury is held by Peter Dowd of the Labour Party.
Michael Howard, Baron Howard of Lympne,, is a British politician who served as Leader of the Conservative Party and Leader of the Opposition from November 2003 to December 2005. He previously held cabinet positions in the governments of Margaret Thatcher and John Major, including Secretary of State for Employment, Secretary of State for the Environment and Home Secretary.
The 2005 Conservative Party leadership election was called by party leader Michael Howard on 6 May 2005, when he announced that he would be stepping down as Leader of the Conservative Party in the near future. However, he stated that he would not depart until a review of the rules for the leadership election had been conducted, given the high level of dissatisfaction with the current system. Ultimately, no changes were made and the election proceeded with the existing rules, which were introduced in 1998.
As Chancellor, Osborne pursued austerity policies aimed at reducing the budget deficit and launched the Northern Powerhouse initiative. After the Conservatives won an overall majority in the 2015 general election, Cameron reappointed him Chancellor in his second government and gave him the additional title of First Secretary of State. During the premiership of David Cameron, George Osborne was widely viewed as a potential future Leader of the Conservative Party; one Conservative MP suggested that the closeness of his relationship with Cameron meant that the two effectively shared power during the duration of the Cameron Government.
Austerity is a political-economic term referring to policies that aim to reduce government budget deficits through spending cuts, tax increases, or a combination of both. Austerity measures are used by governments that find it difficult to pay their debts. The measures are meant to reduce the budget deficit by bringing government revenues closer to expenditures, which is assumed to make the payment of debt easier. Austerity measures also demonstrate a government's fiscal discipline to creditors and credit rating agencies.
The Northern Powerhouse is a proposal to boost economic growth in the North of England by the 2010-15 coalition government and 2015-2017 Conservative government in the United Kingdom, particularly in the "Core Cities" of Manchester, Liverpool, Leeds, Sheffield, Hull and Newcastle. The proposal is based on the benefits of agglomeration and aims to reposition the British economy away from London and the South East. The spatial footprint of the Northern Powerhouse is defined as the 11 LEP areas of the North of England.
The 2015 United Kingdom general election was held on 7 May 2015 to elect 650 members to the House of Commons. It was the first general election at the end of a fixed-term Parliament. Local elections took place in most areas on the same day.
Following the 2016 referendum vote to leave the European Union and Cameron's consequent resignation, Osborne was sacked by newly appointed Prime Minister Theresa May, and returned to the backbenches. He became editor of the Evening Standard in May 2017 and stepped down as an MP at the 2017 general election.
The United Kingdom European Union membership referendum, also known as the EU referendum and the Brexit referendum, took place on 23 June 2016 in the United Kingdom (UK) and Gibraltar to ask the electorate if the country should remain a member of, or leave the European Union (EU), under the provisions of the European Union Referendum Act 2015 and also the Political Parties, Elections and Referendums Act 2000. The referendum resulted in 51.9% of votes being in favour of leaving the EU. Although legally the referendum was non-binding, the government of that time had promised to implement the result, and it initiated the official EU withdrawal process on 29 March 2017, meaning that the UK was due to leave the EU before 11PM on 29 March 2019, UK time, when the two-year period for Brexit negotiations expired.
Theresa Mary May is a British politician serving as Prime Minister of the United Kingdom since 2016. She was Home Secretary from 2010 to 2016 and Leader of the Conservative Party from 2016 until 2019. May was first elected to be the Member of Parliament (MP) for Maidenhead in 1997. Ideologically, she identifies herself as a one-nation conservative.
In Westminster parliamentary systems, a backbencher is a member of Parliament (MP) or a legislator who holds no governmental office and is not a frontbench spokesman in the Opposition, being instead simply a member of the "rank and file". The term dates from 1855. The term derives from the fact that they sit physically behind the frontbench in the House of Commons. A backbencher may be a new parliamentary member yet to receive high office, a senior figure dropped from government, someone who for whatever reason is not chosen to sit either in the ministry or the opposition Shadow Ministry, or someone who prefers to be a background influence, not in the spotlight. By extension, those who are not reliable supporters of all of their party's goals and policies and have resigned or been forced to resign may be relegated to the back benches. For example, Clive Lewis becoming a backbencher after resigning from Jeremy Corbyn's shadow cabinet over Brexit, or Boris Johnson who became a backbencher again, after resigning as Foreign Secretary in Theresa May's cabinet, also over Brexit.
George Osborne was born in Paddington, London,as Gideon Oliver Osborne; he decided when he was 13 to be known by the additional first name of 'George'. In an interview in July 2005, he said: "It was my small act of rebellion. I never liked it [the name 'Gideon']. When I finally told my mother she said, 'Nor do I'. So I decided to be George after my grandfather, who was a war hero. Life was easier as a George; it was a straightforward name." He is the eldest of four boys. His father is Sir Peter Osborne, 17th Baronet, co-founder of the firm of fabric and wallpaper designers Osborne & Little. George Osborne is to inherit the baronetcy; he would thus become Sir George Osborne, 18th Baronet. His mother is Felicity Alexandra Loxton-Peacock, the daughter of Hungarian-born Jewish artist Clarisse Loxton-Peacock (née Fehér).
Paddington is an area within the City of Westminster, in central London, located in the West End of London. First a medieval parish then a metropolitan borough, it was integrated with Westminster and Greater London in 1965. Three important landmarks of the district are Paddington station, designed by the celebrated engineer Isambard Kingdom Brunel and opened in 1847; St Mary's Hospital; and Paddington Green Police Station.
Sir Peter George Osborne, 17th Baronet is a British businessman, who co-founded the interior design firm Osborne & Little. He is the father of George Osborne, the Conservative politician and former Chancellor of the Exchequer.
Osborne & Little is a British manufacturer and retailer of upmarket wallpaper and fabrics. It was established in 1968 and now has showrooms worldwide. It was among the brands included in the Victoria and Albert Museum's British Design 1948–2012: Innovation in the Modern Age exhibition in 2012.
Osborne was educated at independent schools: Norland Place School, Colet Court and St Paul's School.In 1990 he was awarded a demyship at Magdalen College, Oxford, where in 1993 he received a 2:1 bachelor's degree in Modern History. Whilst there, he was a member of the Bullingdon Club. He also attended Davidson College in North Carolina for a semester, as a Dean Rusk Scholar.
In 1993, Osborne intended to pursue a career in journalism. He was shortlisted for, but failed to gain a place on, The Times ' trainee scheme; he also applied to The Economist , where he was interviewed and rejected by Gideon Rachman. In the end, he had to settle for freelance work on the 'Peterborough' diary column in The Daily Telegraph . One of his Oxford friends, journalist George Bridges, alerted Osborne some time later to a research vacancy at Conservative Central Office.
Osborne joined the Conservative Research Department in 1994, and became head of its Political Section. One of his first roles was to go to Blackpool and observe the October 1994 Labour Party Conference.
Between 1995 and 1997 he worked as a special adviser to the Minister of Agriculture, Fisheries and Food Douglas Hogg (during the BSE crisis), and in the Political Office at 10 Downing Street. Osborne worked on Prime Minister John Major's campaign team in 1997, in the run-up to the Tories' heavy election defeat that year.After the election, he again considered journalism, approaching The Times to be a leader writer, though nothing came of it.
Between 1997 and 2001 he worked for William Hague, Major's successor as Conservative Party leader, as a speechwriter and political secretary. He helped to prepare Hague for the weekly session of Prime Minister's Questions,often playing the role of Prime Minister Tony Blair. Under the subsequent leaderships of Michael Howard and David Cameron, he remained on the Prime Minister's Questions team.
Osborne was elected as the Member of Parliament (MP) for Tatton, Cheshire, at the June 2001 election. He succeeded Independent MP Martin Bell, who had defeated the controversial former Conservative minister Neil Hamilton in 1997 but had kept his promise not to stand there at the following election. Osborne won with a majority of 8,611 over the Labour candidate, becoming (at that time) the youngest Conservative MP in the House of Commons. At the 2005 election he was re-elected with an increased majority of 11,731 (securing 51.8% of the vote), and in 2010 increased his majority still further to 14,487.
He was appointed in September 2004 by then Conservative leader Michael Howard to the Shadow Cabinet, as Shadow Chief Secretary to the Treasury.
Following the 2005 general election, Howard promoted him to Shadow Chancellor of the Exchequer at the young age of 33. Howard had initially offered the post to William Hague, who turned it down. Press reports suggest that the second choice for the post was David Cameron, who also rejected the job, preferring to take on a major public service portfolio (he was made Shadow Secretary of State for Education). Thus, Howard seems to have turned to Osborne as his third choice for the role.His promotion prompted speculation he would run for the leadership of the Conservative Party when Howard stepped down, but he ruled himself out within a week. Osborne served as campaign manager for David Cameron's leadership campaign, and kept the Shadow Chancellor's post when Cameron became leader later that year.
When David Cameron was asked in 2009 whether or not he would be willing to sack a close colleague such as Osborne, he stated, "With George, the answer is yes. He stayed in my shadow cabinet not because he is a friend, not because we are godfathers to each other's children but because he is the right person to do the job. I know and he knows that if that was not the case he would not be there."
At this time Osborne expressed an interest in the ideas of "tax simplification" (including the idea of flat tax). He set up a "Tax Reform Commission" in October 2005 to investigate ideas for how to create a "flatter, simpler" tax system. The system then proposed would reduce the income tax rate to a flat 22%, and increase the personal allowance from £4,435 to between £10,000 and £15,500. However, the idea of a flat tax was not included in the 2010 Conservative Party manifesto.
Each year between 2006 and 2009, Osborne attended the annual Bilderberg Conference, a meeting of influential people in business, finance and politics.
During Osborne's response to the Chancellor of the Exchequer Gordon Brown's Pre-Budget Report on 5 December 2005, he accused Brown of being "a Chancellor past his sell-by-date, a Chancellor holding Britain back". In an interview the same week, he also referred to Brown as "brutal" and "unpleasant".Osborne was rebuked in October 2006 by Michael Martin, the Speaker of the House of Commons, when he attacked the Chancellor at Oral Questions by citing a comment attributed to the Secretary of State for Work and Pensions John Hutton, describing the Chancellor as likely to make an "effing awful" Prime Minister. It was widely suggested that Osborne was leading an assault on Brown that would allow the Conservatives to discredit him without damaging David Cameron's public image. That month, Osborne faced criticism from some quarters for appearing to suggest that Brown was "faintly autistic". After Osborne spoke in an interview about his own ability to recall odd facts, a host suggested to him that he may have been "faintly autistic"; he responded by saying that "We're not getting onto Gordon Brown yet".
In September 2007, ahead of the publication of the 2007 Comprehensive Spending Review, Osborne pledged that the Conservative Party would match Labour's public spending plans for the next three years.He promised increases in public spending of 2% a year, and said Labour charges that the Conservatives would cut public spending were "a pack of lies". He also ruled out any "upfront, unfunded tax cuts".
Osborne's school and university contemporary, financier Nathaniel Rothschild, said in October 2008 that Osborne had tried to solicit a £50,000 donation from the Russian aluminium magnate Oleg Deripaska, which would have been a violation of the law against political donations by foreign citizens.Rothschild had hosted Deripaska, Osborne, Peter Mandelson and others at a party in his villa in Corfu. The alleged solicitation of a donation occurred on Deripaska's yacht during the party.
The Electoral Commission received a formal complaint initiated in a letter by the Liberal Democrats' Home Affairs spokesperson, Chris Huhne, urging them to investigate the allegations against Osborne. The Commission rejected the claims and said it saw "no information" suggesting an offence.The accusation was referred to by the press as 'Yachtgate'. Osborne denied claims he had attempted to solicit a donation from Deripaska and said that he had "made a mistake" by meeting with him.
On 14 November 2008, in an intervention described by the BBC's Nick Robinson as "pretty extraordinary",Osborne publicly warned that the more the government borrows, the less attractive sterling becomes to hold. He said: "We are in danger, if the government is not careful, of having a proper sterling collapse, a run on the pound." Labelling Gordon Brown's tactic a "scorched-earth policy" that a future Conservative government would have to clear up, Osborne continued: "His view is he probably won't win the next election. The Tories can clear this mess up after I've gone."
In 2009 and 2012 Osborne was criticised for his expense claims, in particular for the claims for mortgage interest payments on his Cheshire properties.Osborne had funded the purchase of a country farmhouse and adjoining paddock in Cheshire before he became an MP in 2001 by way of a £455,000 extension of the mortgage on his London home. In 2003 he substituted a new £450,000 mortgage on the Cheshire property, which he then designated as his second home, or "flipped". As a result, he was able to claim up to £100,000 in mortgage interest on the house and paddock between 2003 and 2010, when the regulations changed. In 2012 it was revealed that the paddock had been legally separate from the farmhouse.
The Liberal Democrats said he had a "moral obligation" to pay an estimated £55,000 in capital gains tax to the public purse which he had saved through the designation or "flipping" of his London property as his main home.He had previously paid back £1,193 spent on chauffeur fares and overpayments on his mortgage after a complaint from a Labour activist, and it also emerged that he had claimed £47 for two copies of a DVD of his own speech on "value for taxpayers' money". The report of the Parliamentary Commissioner for Standards found that although Osborne had breached the rules, the offence was "unintended and relatively minor". Osborne said he had received "flawed" advice and not benefited personally.
During the 2010 general election campaign Osborne was considered to have been sidelined, owing to his perceived unpopularity and the perception by both Liberal Democrat and Labour strategists that he was a "weak link".
Osborne was appointed Chancellor of the Exchequer on 11 May 2010, and was sworn in as a Privy Counsellor the following day. million jobs being lost over the course of the parliament. Osborne termed those who objected to his policy "deficit-deniers".Osborne acceded to the chancellorship in the continuing wake of the financial crisis. Two of his first acts were setting up the Office for Budget Responsibility and commissioning a government-wide spending review, which was to conclude in autumn 2010 and to set limits on departmental spending until 2014–15. Shortly before the 2010 election, Osborne had pledged to be "tougher than Thatcher" on Britain's budget deficit, and he duly set himself the target of reducing the UK's deficit to the point that, in the financial year 2015–16, total public debt would be falling as a proportion of GDP. On 24 May 2010, Osborne outlined £6.2bn cuts: "We simply cannot afford to increase public debt at the rate of £3bn each week." Documents leaked from the Treasury the following month revealed that Osborne anticipated his tighter spending would lead to 1.3
In July 2010, whilst seeking cuts of up to 25 per cent in government spending to tackle the deficit, Osborne insisted the £20 billion cost of building four new Vanguard-class submarine to bear Trident missiles had to be considered as part of the Ministry of Defence's core funding, even if that implied a severe reduction in the rest of the Ministry's budget. Liam Fox, the Secretary of State for Defence, warned that if Trident were to be considered core funding, there would have to be severe restrictions in the way that the UK operated militarily.
Osborne presented the Government's Spending Review on 20 October, which fixed spending budgets for each government department up to 2014–15.Before and after becoming Chancellor, Osborne had alleged that the UK was on "the verge of bankruptcy", though this assertion was criticised by the Treasury Select Committee and others as an effort to try and justify his programme of spending cuts.
On 4 October 2010, in a speech at the Conservative conference in Birmingham, Osborne announced a cap on the overall amount of benefits a family can receive from the state, estimated to be around £500 a week from 2013. It was estimated that this could result in 50,000 unemployed families losing an average of £93 a week. He also announced that he would end the universal entitlement to child benefit, and that from 2013 the entitlement would be removed from people paying the 40% and 50% income tax rates.
In February 2011 Osborne announced Project Merlin, whereby banks aimed to lend about £190bn to businesses in 2011 (including £76bn to small firms), curb bonuses and reveal some salary details of their top earners; meanwhile, the bank levy would increase by £800m. Liberal Democrat Treasury spokesman Lord Oakeshott resigned after the agreement was announced. Other pledges included providing £200m of capital for David Cameron's Big Society Bank, which was supposed to finance community projects.
In November 2011, Osborne sold Northern Rock to Richard Branson's Virgin Money for a price that was to range from £747m to £1bn.Northern Rock, the first British bank in 150 years to suffer a bank run, had been taken into public ownership in 2008, then divided into two entities on 1 January 2010 – the other half being Northern Rock. The Independent described the entity sold as the "detoxified arm" of the bank, while saying the taxpayers retained "responsibility for £20bn of toxic assets such as bad debts and closed mortgages." The deal valued the bank at somewhat less than its £1.12bn net asset value, and "locks in a minimum loss" for taxpayers of £373m to £453m. Osborne argued the deal would get "more money back than any other deal on the table." and responded to concerns about the timing by saying that a secret deal between the previous Labour government and the European Commission in Brussels obliged them to sell the bank in or before 2013, and "[g]iven we were advised that Northern Rock plc would have been likely to remain loss-making [until] at least well into 2012, which would have depleted taxpayer resources still further, agreeing a sale now was even more imperative."
The 2012 budget – dubbed the "omnishambles budget" by the then Labour leader Ed Miliband – is viewed as the nadir of Osborne's political fortunes. billion in 2012/13 to £46 billion in 2013/14, which Osborne said was caused by the new rate being more "competitive".Osborne cut the 50% income tax rate on top earners, which he said had been specially designated by his predecessor as "temporary", to 45%. Figures from Her Majesty's Revenue and Customs showed that the amount of additional-rate tax paid had increased under the new rate from £38
Osborne faced criticism for simultaneously proposing imposing value added tax (VAT) on food such as Cornish pasties when served at above-ambient temperature. Critics commented on the potential effect on vendors, with members of the Treasury Select Committee suggesting that Osborne was inexperienced with the issue after a comment that he 'couldn't remember' the last time he had bought such a pasty from Greggs.The "pasty tax" proposal was later withdrawn in what was seen as a political "U-turn", as were proposals to cut tax relief on charitable donations and to tax static caravans.
In October 2012, Osborne proposed a new policy to boost the hiring of staff, under which companies would be able to give new appointees shares worth between £2,000 and £50,000, but the appointees would lose the right to claim unfair dismissal and time off for training.
Osborne sent a letter in 2012 to Ben Bernanke, the chairman of the U.S. Federal Reserve, in an attempt to help HSBC's leadership avoid criminal charges over the bank's involvement in laundering drug money and in channelling money to countries under economic sanctions.Osborne suggested that if HSBC were to lose its banking licence in the U.S., this could have negative consequences for the financial markets in Europe and Asia. HSBC avoided criminal charges, and settled with the U.S. Department of Justice for $1.92 bn.
In February 2013, the UK lost its AAA credit rating—which Osborne had indicated to be a priority when coming to power—for the first time since 1978. 's economics editor as "an inventive, scattergun approach to growth that half-ticked the demands of every policy commentator, wrapped together under the Chancellor's banner of Britain as an 'aspiration nation'." However, it was positively received by the public, with the ensuing boost to Conservative Party support in opinion polls standing in marked contrast to the previous year's budget. The economy subsequently began to pick up in mid-2013, with Osborne's net public approval rating rising from −33 to +3 over the following 12 months.
By March 2015 the annual deficit had been cut by about half of the initial target; thus, the debt-to-GDP ratio was still rising. Also, the United Kingdom national debt increased more during the five-year term than during the previous 13 years.
Moreover, the economy deteriorated after the election owing to the uncertainty caused by the referendum. Reviewing his performance in July 2016, The Guardian said that the UK still had a budget deficit of 4%, a balance-of-payments (trade) deficit of 7% of GDP, and (apart from Italy) the worst productivity among the G7 nations. An Office for National Statistics graph including the period 2010–2016 shows a worsening balance-of-trade deficit.
The Conservative manifesto for the 2015 general election contained a promise not to raise income tax, VAT, or national insurance for the duration of the parliament. Journalist George Eaton maintains that Osborne did not expect an outright Conservative majority, and expected his Liberal Democrat coalition partners to make him break that promise.
After the Conservatives won an overall majority at the 2015 general election, Osborne was reappointed Chancellor of the Exchequer by Cameron in his second government. Osborne also received the honorific title of First Secretary of State.
Osborne announced on 16 May that he would deliver a second Budget on 8 July, and promised action on tax avoidance by the rich by bringing in a "Google tax" designed to discourage large companies diverting profits out of the UK to avoid tax.In addition, large companies would now have to publish their UK tax strategies; any large businesses that persistently engaged in aggressive tax planning would be subject to special measures. However, comments made by Osborne in 2003 on BBC2's Daily Politics programme then resurfaced; these regarded the avoidance of inheritance tax and using "clever financial products" to pass the value of homeowners' properties to their children, and were widely criticised by politicians and journalists as hypocritical.
The second Budget also increased funding for the National Health Service, more apprenticeships, efforts to increase productivity and cuts to the welfare budget.In response, the Conservative-led Local Government Association, on behalf of 375 Conservative-, Labour- and Liberal Democrat-run councils, said that further austerity measures were "not an option" as they would "devastate" local services. They said that local councils had already had to make cuts of 40% since 2010 and couldn't make any more cuts without serious consequences for the most vulnerable. After the budget, many departments were told to work out the effect on services of spending cuts from 25% to 40% by 2019–20. This prompted fears that services the public takes for granted could be hit, and concern that the Conservative Party had not explained the policy clearly in its manifesto before the 2015 election.
Osborne announced the introduction of a "National Living Wage" of £7.20/hour, rising to £9/hour by 2020, which would apply to those aged 25 or over.This was widely cheered by both Conservative MPs and political commentators. He also announced a raise in the income tax personal allowance to £11,000; measures to introduce tax incentives for large corporations to create apprenticeships, aiming for 3 million new apprenticeships by 2020; and a cut in the benefits cap to £23,000 in London and £20,000 in the rest of the country.
The July budget postponed the predicted arrival of a UK surplus from 2019 to 2020, and included an extra £18 billion more borrowing for 2016–20 than planned for the same period in March.
In the July Budget, Osborne also planned to cut tax credits, which top up pay for low-income workers, prompting claims that this represented a breach of promises made by colleagues before the general election in May.Following public opposition and a House of Lords vote against the changes, Osborne scrapped these changes in the 2015 Autumn Statement, saying that higher-than-expected tax receipts gave him more room for manoeuvre. The IFS noted that Osborne's proposals implied that tax credits would still be cut as part of the switch to Universal Credit in 2018.
In July 2015, Osborne was criticised by John Mann of the Treasury Select Committee for ending the contract of Martin Wheatley, head of the Financial Conduct Authority, and undermining the independence of the regulator. Wheatley had angered the banks by cracking down on misselling following the payment protection insurance scandal and fining them £1.4B.
Osborne was also criticised over his perceived inaction on enacting policies set forth by the Organisation for Economic Co-operation and Development (OECD) to combat tax avoidance.MPs called for an inquiry in January 2016, when it was revealed that a retrospective tax deal the Treasury agreed with Google over previous diverted profits allowed it to pay an effective tax rate of just 3% over the previous decade.
According to The Guardian, Osborne was "the driving force" behind the BBC licence fee agreement which saw the BBC responsible for funding the £700m welfare cost of free TV licences for the over-75s, meaning that it lost almost 20% of its income.The Guardian also noted Osborne's four meetings with News Corp representatives and two meetings with Rupert Murdoch before the deal was announced.
George Osborne strongly supported China's involvement in sensitive sectors such as the Hinkley Point C nuclear power station. The then Home Secretary Theresa May had been unhappy about Osborne's "gung-ho" attitude to the Chinese, and had objected to the project. It has been delayed for final approval after May assumed the Prime Ministership. In 2015, May's political adviser Nick Timothy expressed his worry that China was effectively buying Britain's silence on allegations of Chinese human rights abuse, and criticised David Cameron and Osborne for "selling our national security to China" without rational concerns and "the Government seems intent on ignoring the evidence and presumably the advice of the security and intelligence agencies." He warned that the Chinese could use their role in the programme (designing and constructing nuclear reactors) to build weaknesses into computer systems which allow them to shut down Britain's energy production at will and "...no amount of trade and investment should justify allowing a hostile state easy access to the country's critical national infrastructure."
In Osborne's first 2016 budget he introduced a sugar tax and raised the tax-free allowance for income tax to £11,500, as well as lifting the 40% income tax threshold to £45,000. He also gave initial funding for several large infrastructure projects, such as High Speed 3 (an east–west rail line across the north of England), Crossrail 2 (a north–south rail line across London), a road tunnel across the Pennines, and upgrades to the M62 motorway.
Osborne was criticised by The Daily Telegraph in August 2016 after 500,000 people opened the new ISAs hoping to use them as a house deposit, only to find the bonus would not be paid until the house sale was completed—a flaw which led experts to describe the scheme as useless and a scam.
Following the UK's vote to leave the European Union in June 2016, Osborne pledged to further lower corporation tax to "encourage businesses to continue investing in the UK". Osborne had already cut the corporation tax rate from 28% to 20%, with plans to lower it to 17% by 2020.
The Financial Times describes Osborne as "metropolitan and socially liberal. He is hawkish on foreign policy with links to Washington neo-conservatives and ideologically committed to cutting the state. A pragmatic Eurosceptic".There is evidence of this commitment to cutting the state in his party's manifesto, with Osborne and the Conservatives seeking to cut the deficit "faster and deeper" than any other main party as well as committing to various tax cuts such as inheritance tax and national insurance. According to an IFS report before the 2010 general election, the Conservatives needed to find more money from cuts beyond what they had outlined than any other major party, although the report was also critical of Labour and the Liberal Democrats. He has stated that the British economy must diversify away from London following the 2008 banking crisis, most notably in the form of the Northern Powerhouse policy proposals which aim to improve transport links and boost science and technology investment in the cities of the North in order to increase economic output.
After previously drawing parallels between Ed Miliband's economic views and those of Karl Marx in Das Kapital , in a 2017 interview with former Treasury colleague Lord O'Neill, Osborne said that Marx's claim in Das Kapital that capitalists would take an increasing share of wealth from the proceeds of economic production at the expense of workers could be argued as an accurate description of something that appeared to be occurring under the process of globalization, arguing that there was a need to "democratise capital" and ensure "that people have more capital in capitalism", such as larger pensions and more opportunities for savings and home and share ownership.
Whilst David Cameron was prime minister, Osborne was widely viewed as a potential future leader of the Conservatives were Cameron to stand down and trigger a leadership contest, despite being seen as a relatively unpopular figure with the general public.Conservative MP Nadhim Zahawi suggested that the closeness of his relationship with Cameron meant the two effectively shared power in the 2010–16 government, whilst commentators pointed to Osborne's hand in Cabinet reshuffles. He worked hard on rebuilding his image after the much-criticised 2012 budget.
Michael Deacon of The Daily Telegraph has described Osborne as "the prince of the parliamentary putdown" after, during one House of Commons debate, he managed to taunt both Ed Balls and Norman Baker in one sentence.Osborne denied rumours that he had referred to his colleague Iain Duncan Smith as "not clever enough", which were published in Matthew d'Ancona's book In It Together.
On 28 June 2016, Osborne ruled out standing as a candidate in that year's party leadership election, stating he was "not the person to provide the unity" his party needed.
Osborne returned to the backbenches as he was sacked and replaced as Chancellor by Philip Hammond on 13 July 2016, following Theresa May's appointment as Prime Minister.It was announced on 4 August 2016 that Osborne was to be made a Companion of Honour in the Resignation Honours list following David Cameron's resignation. Unlike Cameron, Osborne intended to remain an MP and stand for parliament again in 2020, although proposed boundary changes could have led to the abolition of his Tatton constituency.
In September 2016, he launched the Northern Powerhouse Partnership, a body bringing together business leaders and politicians to promote regional devolution.
By October 2016, he was writing a book called Age of Unreason; it is a diatribe against "populist nationalism".Osborne's lucrative speaking engagements for a range of financial institutions since his dismissal as Chancellor helped make him the highest earning MP in 2016. In February 2017 he started a new role as a part-time advisor to BlackRock, the world's largest fund manager, for a salary of £650,000 for a one day a week. The job was approved by the Advisory Committee on Business Appointments, which stated that during Osborne's time as Chancellor "there were no specific policy decisions ... that would have affected BlackRock", and the Permanent Secretary at the Treasury had "no concerns" about Osborne taking up the role.
In 2017, Osborne became the first Kissinger Fellow at the McCain Institute for International Leadership. While the Institute is based in John McCain's home state of Arizona, Osborne will remain in the UK.
Osborne announced he would be standing down as the MP for Tatton in April 2017, a day after the 2017 general election was declared. He did not rule out returning to the Commons at some point in the future. "It's still too early to be writing my memoirs", he wrote in a letter to his constituency party, and did not "want to spend the rest of my life just being an ex-chancellor. I want new challenges".
Then still an MP, Osborne was announced in March 2017 as the next editor of the London Evening Standard , a position which he assumed in May 2017.Critics of his appointment questioned his lack of journalistic experience and his intention to remain MP for Tatton during his tenure with the newspaper, which other MPs said would constitute a conflict of interest and devalued the role of an MP. He was also accused of breaking the post-ministerial employment rules of the Advisory Committee on Business Appointments by accepting the editorship without the committee's approval.
Private Eye subsequently documented in detail the relationship between Osborne and Standard owner Evgeny Lebedev, who appointed Osborne as editor. During Osborne's time as Chancellor of the Exchequer he regularly pledged Treasury money to Standard charitable campaigns, such as his offer in 2015 to match readers' donations by up to £1.5 million to the Standard's Great Ormond Street Hospital appeal. In September 2015, the newspaper ranked Osborne in joint-first place on its annual "Progress 1000" list of the most influential people in London. It has also been highlighted that, as Chancellor, Osborne failed to tackle the advantageous tax status for so-called non-doms, which Lebedev is understood to benefit from, while Lebedev's paper strongly supported the Conservative Party in the 2015 general election and the Conservatives' candidate Zac Goldsmith in the 2016 London mayoral election.
In a profile of Osborne published by Esquire magazine in September 2017, it was said that Osborne has commented to several staff at the Standard that he will not be satisfied until Theresa May "is chopped up in bags in my freezer".While Osborne has used macabre imagery about Theresa May in the past, he did not directly comment on the incident, although he was criticised for the alleged remark. An editorial in the Standard, published nearly a week later, was interpreted as Osborne's apology to Theresa May. It said "harsh words" had been said in connection with the Prime Minister's Brexit policy, but "intemperate language, even when said in jest" was inappropriate.
In September 2017 George Osborne has been named a distinguished visiting fellow at the Hoover Institution and dean's fellow at the Stanford Graduate School of Business. Osborne will specialize in research on international politics and the global economy.
Osborne was portrayed by Sebastian Armesto in the 2015 Channel 4 television film Coalition.
Osborne married Frances Howell, author and elder daughter of Lord Howell of Guildford, a Conservative politician, on 4 April 1998.The couple have two children, a boy, born in Westminster on 15 June 2001, and a girl, also born in Westminster, on 27 June 2003.
Osborne is heir to his family's Irish baronetcy, of Ballentaylor and Ballylemon in County Waterford. He has an estimated personal fortune of around £4 million, as the beneficiary of a trust fund that owns a 15% stake in Osborne & Little, the wallpaper-and-fabrics company co-founded by his father, Sir Peter Osborne.
In May 2018, The Telegraph reported that Osborne and his siblings had discovered "with delight" that their maternal grandmother Clarisse Loxton-Peacock (a glamorous Hungarian émigrée) was Jewish, and therefore that in Jewish law they are Jewish too.
David Michael Davis is a British Conservative Party politician who served as Secretary of State for Exiting the European Union from July 2016 to July 2018, and has served as Member of Parliament (MP) for Haltemprice and Howden since 1997. He was previously elected to the House of Commons for Boothferry in 1987, and reelected in 1992. Davis was sworn of the Privy Council in the 1997 New Year Honours, having previously been Minister of State for Europe from 1994 to 1997.
David William Donald Cameron is a British politician who served as Prime Minister of the United Kingdom from 2010 to 2016. He was the Member of Parliament (MP) for Witney from 2001 to 2016 and Leader of the Conservative Party from 2005 to 2016. He identifies as a one-nation conservative, and has been associated with both economically liberal and socially liberal policies.
Philip Anthony Hammond is a British Conservative politician serving as Chancellor of the Exchequer since 2016 and the Member of Parliament (MP) for Runnymede and Weybridge since 1997.
Sir Daniel Grian Alexander is a British banker who is vice president and corporate secretary at the Asian Infrastructure Investment Bank. He was a Liberal Democrat politician who was Chief Secretary to the Treasury between 2010 and 2015. He was the Member of Parliament (MP) for the Inverness, Nairn, Badenoch & Strathspey constituency from 2005 until the general election in May 2015, when he was defeated by Drew Hendry of the Scottish National Party (SNP). In his first parliamentary term (2005–2010), Alexander was the Liberal Democrat Shadow Secretary for Work and Pensions, the chief of staff to party leader, Nick Clegg, and Chair of the Liberal Democrat Manifesto Group (2007–2010).
The Fuel Price Escalator, a fuel duty policy in the United Kingdom ahead of inflation, was introduced in March 1993 as a measure to stem the increase in pollution from road transport and cut the need for new road building at a time of major road protests, at Twyford Down and other locations. Set initially at 3% above inflation it was increased in two stages to 6% before being suspended and then, in 2011, replaced by a 'fuel duty stabiliser' following further increases in the price of oil.
This article concerns the policies, views and voting record of David Cameron, former Prime Minister of the United Kingdom.
Benedict Michael Gummer is a British politician of the Conservative Party who served as the Member of Parliament (MP) for Ipswich from 2010 to 2017. In 2016 he became the Minister for the Cabinet Office and Paymaster General in the First May ministry. He lost his seat in the House of Commons in the 2017 general election.
The term Notting Hill set refers to an informal group of young figures who were in prominent leadership positions in the Conservative Party, or close advisory positions around the former party leader and Prime Minister, David Cameron.
Robert Henry Halfon is a British Conservative Party politician and former Conservative Party worker. He was first elected as the Member of Parliament (MP) for Harlow in 2010, being re-elected in 2015, and 2017.
The premiership of David Cameron began on 11 May 2010 when Cameron accepted the Queen's invitation to form a government. This occurred upon the resignation of Cameron's predecessor as Prime Minister of the United Kingdom, Gordon Brown. While serving as Prime Minister, Cameron also served as First Lord of the Treasury, Minister for the Civil Service and Leader of the Conservative Party.
The June 2010 United Kingdom Budget, officially also known as Responsibility, freedom, fairness: a five-year plan to re-build the economy, was delivered by George Osborne, Chancellor of the Exchequer, to the House of Commons in his budget speech that commenced at 12.33pm on Tuesday, 22 June 2010. It was the first budget of the Conservative-Liberal Democrat coalition formed after the general election of May 2010. The government dubbed it an "emergency budget", and stated that its purpose was to reduce the national debt accumulated under the Labour government.
Andrew Simon Feldman, Baron Feldman of Elstree, is a British barrister, businessman and Conservative fundraiser and politician.
The United Kingdom National Debt is the total quantity of money borrowed by the Government of the United Kingdom at any time through the issue of securities by the British Treasury and other government agencies.
In the United Kingdom, the value-added tax was introduced in 1973 and is the third-largest source of government revenue, after income tax and National Insurance. It is administered and collected by HM Revenue and Customs, primarily through the Value Added Tax Act 1994.
The United Kingdom government austerity programme is a fiscal policy adopted in the early 21st century following the Great Recession. It is a deficit reduction programme consisting of sustained reductions in public spending and tax rises, intended to reduce the government budget deficit and the role of the welfare state in the United Kingdom. The National Health Service and education have been "ringfenced" and protected from direct spending cuts, but between 2010 and 2019 more than £30 billion in spending reductions have been made to welfare payments, housing subsidies and social services. The effects of United Kingdom austerity policies have proved controversial and the policies have received criticism from a variety of politicians and economists. Anti-austerity movements have been formed among citizens more generally.
"Pasty tax" was a popular phrase used by the British press to describe a proposal in the 2012 United Kingdom budget to simplify the tax treatment of "hot takeaway food" so that Value Added Tax (VAT) would be charged at 20% in all cases. The change would have increased the sale price of hot snacks such as sausage rolls and Cornish pasties sold on the premises where they were baked. The Chancellor of the Exchequer, George Osborne delivered the proposal of the so-called "March Budget".
The 2015 United Kingdom budget was delivered by George Osborne, the Chancellor of the Exchequer, to the House of Commons on Wednesday, 18 March 2015.
David Cameron formed the second Cameron ministry, the first Conservative Party majority government since 1992, following the 2015 general election after being invited by Queen Elizabeth II to form a government. Prior to the election, Cameron led the Cameron–Clegg coalition, a coalition government that consisted of members of the Conservatives and the Liberal Democrats, with Liberal Democrat leader Nick Clegg as Deputy Prime Minister.
The 2016 Conservative Party leadership election occurred as a result of Prime Minister David Cameron's resignation as party leader. He had resigned following the national referendum to leave the European Union. Cameron, who supported Britain's continued membership of the EU, announced his resignation on 24 June, saying that he would step down by October. Theresa May won the contest on 11 July 2016, after the withdrawal of Andrea Leadsom left her as the sole candidate.
The 2016 United Kingdom budget was delivered by George Osborne, the Chancellor of the Exchequer, to the House of Commons on Wednesday, 16 March 2016.
Unpublished estimates of the impact of the biggest squeeze on public spending since the second world war show that the government is expecting between 500,000 and 600,000 jobs to go in the public sector and between 600,000 and 700,000 to disappear in the private sector by 2015. . . . A slide from the final version of a presentation for last week's budget. . . . says: "100–120,000 public sector jobs and 120–140,000 private sector jobs assumed to be lost per annum for five years through cuts. "
The chancellor presents the hypothesis of looming national 'bankruptcy'. If so, the UK must have been bankrupt for much of the past two centuries.
Includes Bank Levy, Bank Surcharge and Diverted Profits Tax
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|Parliament of the United Kingdom|
| Member of Parliament |
| Shadow Chief Secretary to the Treasury |
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| Chancellor of the Exchequer |
| Second Lord of the Treasury |
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Title next held byDamian Green
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