Geoffrey Howe Biography and Timeline — Page 2

Budget

Geoffrey Howe delivers the 1980 Budget with tax increases and plans for public spending restraint.

Role range: 1979-1990 – 1979-1983

Budget

The 1980 Budget raises a range of duties and announces reductions in planned public expenditure.

Role range: 1979-1990 – 1979-1983

Medium Term Financial Strategy

Howe sets out the Medium Term Financial Strategy alongside the 1980 Budget, establishing targets for monetary growth and public borrowing.

Role range: 1979-1990 – 1979-1983

Public Spending

Howe announces reductions in planned public expenditure during the March 1980 Budget.

Role range: 1979-1990 – 1979-1983

National Insurance

Howe announces higher National Insurance contributions as part of the Government's fiscal measures in November 1980.

Role range: 1979-1990 – 1979-1983

North Sea Oil Tax

Howe announces additional taxation on North Sea oil interests in the November 1980 economic statement.

Role range: 1979-1990 – 1979-1983

Budget Policy

The 1980 Budget under Geoffrey Howe sets out the Government's taxation, expenditure and borrowing plans.

Role range: 1979-1983

Budget

Geoffrey Howe presents the 1980 Budget to the House of Commons as Chancellor of the Exchequer.

Role range: 1979-1983

Monetarism

Howe keeps monetary targets central to the Government's economic strategy during his chancellorship.

Role range: 1979-1990 – 1979-1983

Unemployment

Howe defends the Government's anti-inflation strategy despite a substantial rise in unemployment.

Role range: 1979-1990 – 1979-1983

Public Expenditure Statement

Announces public-expenditure plans for 1982-83 and links them to the Government's continuing strategy for reducing inflation and borrowing.

Role range: 1979-1983

Economists' Budget Criticism

Defends the Government's economic strategy after 364 economists publicly criticise the fiscal tightening introduced in the 1981 Budget.

Role range: 1979-1983

Excise Duty Increases

Raises excise duties sharply in the 1981 Budget as part of a fiscal tightening intended to support the Government's monetary strategy.

Role range: 1979-1983

Personal Allowances Freeze

Freezes personal income-tax allowances in cash terms in the 1981 Budget, increasing the real tax burden during a period of high inflation.

Role range: 1979-1983

Budget Policy

The 1981 Budget under Geoffrey Howe sets out the Government's taxation, expenditure and borrowing plans.

Role range: 1979-1983

Budget

Geoffrey Howe presents the 1981 Budget to the House of Commons as Chancellor of the Exchequer.

Role range: 1979-1983

Inflation Forecast

States that inflation is expected to continue falling and forecasts a rate around 5 percent by the end of 1983.

Role range: 1979-1983

Capital Gains Tax Indexation

Introduces indexation provisions for capital gains tax to reduce taxation of gains attributable purely to inflation.

Role range: 1979-1983

National Insurance Surcharge Reduction

Reduces the employer National Insurance surcharge from 3.5 percent to 2 percent to lower employment costs for businesses.

Role range: 1979-1983

Personal Allowance Increase

Raises income-tax personal allowances in real terms in the 1982 Budget after the previous year's freeze.

Role range: 1979-1983

Petroleum Revenue Tax Increase

Raises the Petroleum Revenue Tax rate from 70 percent to 75 percent in the 1982 Budget.

Role range: 1979-1983

Stamp Duty Threshold Increase

Raises the property stamp-duty threshold from £20,000 to £25,000 in the 1982 Budget.

Role range: 1979-1983

Budget Policy

The 1982 Budget under Geoffrey Howe sets out the Government's taxation, expenditure and borrowing plans.

Role range: 1979-1983

Budget

Geoffrey Howe presents the 1982 Budget to the House of Commons as Chancellor of the Exchequer.

Role range: 1979-1983

Budget

The 1983 Budget raises personal tax allowances substantially and removes many people from income-tax liability.

Role range: 1979-1990 – 1979-1983

Income Tax

The 1983 Budget raises income-tax allowances by 14 percent and removes a substantial number of people from income-tax liability.

Role range: 1979-1990 – 1979-1983

Election

During the 1983 election campaign, Howe argues that Labour's manifesto commitments would require tens of billions of pounds of additional public expenditure over a Parliament.

Role range: 1979-1990 – 1979-1983

Manifesto

Howe argues during the 1983 general-election campaign that Labour's manifesto would involve major additional public expenditure.

Role range: 1979-1990 – 1979-1983

East Surrey Re-election

Wins re-election as Conservative Member of Parliament for East Surrey at the 1983 general election.

Chancellorship Ends

Completes his service as Chancellor of the Exchequer after more than four years at the Treasury.

Role range: 1979-1983

Foreign Secretary of Great Britain

Geoffrey Howe is appointed Foreign Secretary on 11 June 1983.

Role range: 1979-1990 – 1983-1989

Mortgage Interest Relief Increase

Raises the mortgage-interest relief ceiling from £25,000 to £30,000 in the 1983 Budget.

Role range: 1979-1983

Budget Policy

The 1983 Budget under Geoffrey Howe sets out the Government's taxation, expenditure and borrowing plans.

Role range: 1979-1983

Budget

Geoffrey Howe presents the 1983 Budget to the House of Commons as Chancellor of the Exchequer.

Role range: 1979-1983

Peking Hong Kong Negotiations

Conducts discussions with Chinese leaders in Peking that resolve most of the major outstanding issues in negotiations over Hong Kong's future.

Role range: 1983-1989

Hong Kong Progress Statement

Reports publicly in Hong Kong on progress in the negotiations with China over the territory's future after 1997.

Role range: 1983-1989

Hong Kong Negotiations Conclude

Oversees the final stage of negotiations as Britain and China reach agreement on the remaining issues concerning Hong Kong's future.

Role range: 1983-1989

Joint Declaration

As Foreign Secretary and a principal British negotiator, Howe helps conclude the Sino-British Joint Declaration, which Margaret Thatcher and Zhao Ziyang sign in Beijing on 19 December 1984.

Role range: 1979-1990 – 1983-1989

Rule of Hong Kong

The Sino-British Joint Declaration provides for China to resume sovereignty over Hong Kong on 1 July 1997 while setting out arrangements for the territory after the transfer.

Role range: 1979-1990 – 1983-1989

Joint Declaration Ratification

Serves as Foreign Secretary when Parliament completes ratification of the Sino-British Joint Declaration governing Hong Kong's 1997 transfer.

Role range: 1983-1989