This week saw the first Budget in the UK since the Conservative Party achieved a surprise win in the General Election in May. Ahead of the General Election, GLI Finance published its Alternative Finance Manifesto, outlining the five fundamental themes that the next government would need to address to ensure that the growing alternative finance and FinTech sector in the country has the appropriate framework within which to operate.
The most prominent budget announcement for the alternative finance industry was the introduction of the Innovative Finance ISA, which will allow savers in the UK to invest in peer-to-peer loans, while protecting  the interest repaid by borrowers from tax. As a global leader in the alternative SME finance space, we were particularly pleased to see in the Budget that the government will introduce final legislation implementing major reforms to the SME lending market: a requirement for UK high street banks to share credit information on their SME customers with other finance providers through designated Credit Reference Agencies (CRAs), and legislation that will require major banks to offer SMEs that they have turned down for financing the opportunity to be referred to designated finance platforms that can match them with alternative lenders.
While I am delighted that the government hasn’t dropped the ball on the progress made during the previous government, especially by delivering the mandatory referral scheme and the Innovative Finance ISA, I think there is still a lot of work to be done to level the playing field and give the alternative finance sector a fair chance of competing with the oligopoly of big banks which has dominated the financial sector for centuries. The Senate also overrode about a half-dozen of the governor’s budget-bill vetoes, but it’s uncertain whether the House will follow suit on the same bills. Senate Democrats provided all 39 of the “yes” votes to move the short-term “essential services” budget, SB 2040, to Republican Gov.
The question of whether the state can make its full payroll in the absence of signed budget bills has been ruled on differently by circuit courts in Cook and St.
Republicans led by Rauner and the legislative Democrats have been unable to reach a deal on a budget for fiscal year 2016, which began July 1.


Democrats complain Rauner and the GOP have been unwilling to work with them on that plan until the governor gets movement on his own agenda items, which Democrats do not consider directly related to the annual budget.
The Senate on Thursday also overrode five of the governor’s vetoes of parts of the state budget sent to him this spring.
Those legislators were leaving town without “a responsible, balanced budget and without any reforms while taking a pay raise for themselves.
Republicans, however, noted the measure did not contain something Rauner has called for that would ease the burden on local governments, including school boards, that would lose revenue if property taxes were frozen. The GOP is seeking a diminishment of collective bargaining for local government employees, as well as an exemption for local governments from the Prevailing Wage Act. It will be a major test for the new Chancellor, George Osborne, who will bear the responsibility of delivering his first Budget at a time when its detail will be more closely scrutinised than ever.
As the previous coalition government had already made promising steps towards the implementation of legislation which will improve access to finance for the Small and Medium Enterprises (SMEs) of the UK, at GLI Finance we were interested to hear what further measures would be set out.
As a knowledge-intensive industry, alternative finance and FinTech companies are heavily dependent on private investors, such as venture capital, and the government announced changes to venture capital schemes in the Budget. And, proponents said, it gives the governor and four legislative leaders breathing room to work toward a full-year budget.


Friday marked the last day for the Senate to cast override votes on the budget bills that originated in that chamber. Dan Kotowski, D-Park Ridge, accused Republicans of abrogating their duties by standing with Rauner on his agenda demands rather than getting meaningfully involved in the budget. Dale Righter, R-Mattoon, said it was Democrats who punted on their responsibilities when they knowingly sent the governor a budget $4 billion light on revenue. Specifically, Chancellor Osborne announced that the government will introduce a cap on the total investment a business may receive through the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) of ?20 million for knowledge-intensive companies, and ?12 million for other qualifying companies. Osborne's first Budget was an emergency Budget, after the coalition was formed in the summer of 2010. 11 Downing Street before the last Budget, in March 2015 However the policies that he will be outlining will be somewhat different than those highlighted back in March. He couldn't stop himself from using it when he announced the emergency Budget shortly after the election.



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