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-	he proportion of shops in Britain lying empty has hit a new record of 14.6% in February, according to figures compiled by the Local Data Company.	+	More and more people on "relatively modest salaries" are being dragged into becoming higher-rate taxpayers, Budget analysis suggests.
-	Vacancy rates had begun to stabilise at the end of 2011, but they have risen in January and February, the LDC said.	+	The number of higher rate taxpayers, who pay a chunk of their income at the 40% tax level, could rise from 3.7m last year to 5m by 2014.
-	It is further evidence of a difficult start to the year for retailers.	+	The Institute for Fiscal Studies (IFS) made the prediction after studying changes to tax levels in the Budget.
-	Consumer confidence also slipped back in February, the latest survey from Nationwide indicated, largely due to concerns about employment prospects.	+	However, lower-income families will benefit from the changes.
-	Continue reading the main story	+
-	�Start Quote	+
-	It is a timely reminder to the government... of the significant challenges facing town and city centres up and down the country�	+	In the Budget, the government also decided to end age-related tax allowances for pensioners.
-	End Quote Matthew Hopkinson Local Data Company	+	The IFS said that move will cause pensioners to lose 0.25% of their income in 2014.
-	* High Street casualties	+	'Millionaires pay less'
-	* Cautious consumers 'pay off debt'	+
-	* Job woes hit consumer confidence	+
-	* Sharp decline in UK retail sales	+
-	There was an increase in the number of respondents describing their economic situation as bad.	+	Shadow chancellor Ed Balls criticised the changes to pension allowances.
-	"Consumers also scaled back their expectations for the future, with the forward-looking aspects of the index weakening during the month," said Nationwide chief economist Robert Gardner.	+	"The fact is the normal increase in the state pension just keeps up with inflation, but cuts to personal allowances in the Budget will mean 4.4 million pensioners are worse off in real terms," he said.
-	New figures from the Bank of England, also released on Friday, back this up.	+	"It's now even clearer that this was a Budget that asked millions to pay more so millionaires could pay less."
-	Cautious consumers are choosing to pay off credit cards and loans, rather than take on new borrowing, the data indicate.	+	But Chancellor George Osborne told the BBC that no pensioner would be worse off in cash terms, including the "largest increase in the state pension" next month.
-	Evans Cycles, one of the UK's biggest bike retailers, told the BBC's Today programme that it was having to be very conscious about prices.	+	"The net changes made by this government, including introducing this triple lock, mean that pensioners are better off."
-	"We are peddling into a headwind in terms of the consumer economy," said chief executive Nick Wilkinson. "Confidence remains low, getting people to spend money on a bike is about persuading them that it is value for money."	+	The tax-free chunk of income, known as the personal allowance, is rising for the under-65s to �9,205 in April 2013.
-	However, Nationwide added that the number of consumers planning to buy household goods - an indicator of confidence - was higher in February than a year earlier.	+	The IFS said this would cost the Treasury an estimated �3.5bn, and would mean 675,000 fewer people would pay income tax.
-	This reflects official retail sales data for the month, published by the Office for National Statistics (ONS) on Thursday.	+	From 6 April, people earning taxable incomes of up to �34,370 will pay 20% in tax and people earning between �34,371 and �150,000 are taxed at 40%.
-		+
-	Sales volumes declined by a larger-than-expected 0.8% in February, the ONS said.	+
-		+
-	But they were still 1% higher than a year earlier.	+
-	'Damaged' High Streets	+
-		+
-	The Local Data Company said the rise in empty premises was "not unexpected" as retailers continue to cut back and even go bust.	+
-		+
-	Game, which has 600 High Street branches in the UK, said this week that it was going into administration after key suppliers stopped doing business with them. It is continuing to trade while it tries to find a solution to its debt problems.	+
-	Continue reading the main story	+
-	'Most at risk towns and cities'	+
-		+
-	* Bradford	+
-	* Derby	+
-	* Wolverhampton	+
-	* Southampton	+
-	* Hull	+
-	* Sheffield	+
-	* Swindon	+
-	* Warrington	+
-	* Stockport	+
-	* Nottingham	+
-		+
-	Source: BNP Paribas Real Estate ranks retail centres according to likelihood of more shops closing and the place's ability to withstand a weakening economy	+
-		+
-	"It is a timely reminder to the government, who are due to respond to the Portas Review this month, of the significant challenges facing town and city centres up and down the country," said LDC director Matthew Hopkinson.	+
-		+
-	Retail consultant and TV presenter Mary Portas was asked by the government to look at ways to revitalise struggling town centres.	+
-		+
-	Her report, published in December 2011, recommended cutting regulations and proposed a bigger role for street markets in town centres.	+
-		+
-	"It's crucial that the government responds to Mary's review with a menu of recommendations next week that local people, councils and businesses can 'pick and mix' to help start to reverse the damage that many of our high streets have suffered," said Ian Fletcher, director of policy at the British Property Federation.	+

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Revision as of 15:49, 22 October 2012

More and more people on "relatively modest salaries" are being dragged into becoming higher-rate taxpayers, Budget analysis suggests.

The number of higher rate taxpayers, who pay a chunk of their income at the 40% tax level, could rise from 3.7m last year to 5m by 2014.

The Institute for Fiscal Studies (IFS) made the prediction after studying changes to tax levels in the Budget.

However, lower-income families will benefit from the changes.

In the Budget, the government also decided to end age-related tax allowances for pensioners.

The IFS said that move will cause pensioners to lose 0.25% of their income in 2014.

'Millionaires pay less'

Shadow chancellor Ed Balls criticised the changes to pension allowances.

"The fact is the normal increase in the state pension just keeps up with inflation, but cuts to personal allowances in the Budget will mean 4.4 million pensioners are worse off in real terms," he said.

"It's now even clearer that this was a Budget that asked millions to pay more so millionaires could pay less."

But Chancellor George Osborne told the BBC that no pensioner would be worse off in cash terms, including the "largest increase in the state pension" next month.

"The net changes made by this government, including introducing this triple lock, mean that pensioners are better off."

The tax-free chunk of income, known as the personal allowance, is rising for the under-65s to �9,205 in April 2013.

The IFS said this would cost the Treasury an estimated �3.5bn, and would mean 675,000 fewer people would pay income tax.

From 6 April, people earning taxable incomes of up to �34,370 will pay 20% in tax and people earning between �34,371 and �150,000 are taxed at 40%.