Worker shortages persist as pool of candidates shrinks at record pace September 9, 2021 The number of workers ready to start a new job plummeted at its fastest pace on record last month, indicating the severe worker shortages that have put the UK economy in a vice are likely to persist, according to fresh figures published today. Research by accountancy firm KPMG and the Recruitment and Employment Confederation shows [...]
Bailey warns worker shortages could produce sticky inflation September 8, 2021 The governor of the Bank of England, Andrew Bailey, has signalled he is pessimistic about the current worker shortages crippling the UK economy ending soon. Giving evidence to the Treasury Committee, Bailey said the main problem in the economy is now “getting jobs filled.” Responding to questions on whether inflation will persist for longer than [...]
Shortage of credit for SMEs preventing UK from ‘levelling up’ September 8, 2021 A critical shortage of lending to Britain’s small businesses is preventing the UK from “levelling up”, according to a report published by a group of cross-party MPs today. The All-Party Parliamentary Group has warned that a lack of trust between banks and businesses has choked the supply of credit to SMEs in the UK. Theodora [...]
NHS will ‘swallow’ additional funds raised by tax hikes, warns IFS September 8, 2021 A leading economic think tank has warned Boris Johnson’s decision to hike national insurance and dividend tax will not raise enough funds to tackle England’s social care crisis. The Institute for Fiscal Studies has warned the 40 year trend of the NHS breaching its budget will lead to the additional money raised by the tax [...]
Dividend tax grab threatens City’s reputation as a good place to do business September 8, 2021 Boris Johnson’s £600m dividend tax raid could deter investors, dampen entrepreneurial activity and damage the City of London’s reputation as a good place to do business, experts have warned. The government launched a tax assault yesterday in a bid to raise money to pay for clearing the swelling backlog of NHS work and to fix [...]
Brits born into wealthy families twice as likely to become high earners September 8, 2021 Brits born into wealthy families are at least twice as likely to take home high pay packets compared to people born into poorer families, according to fresh figures released today. Research conducted by the think tank, Institute for Fiscal Studies, shows one in five Brits with parents in the wealthiest fifth of the population earn [...]
IFS: Tax hikes not enough to fix broken social care system September 7, 2021 A leading economic think tank has warned hikes to national insurance and dividend taxes announced by prime minister Boris Johnson today will not be enough to tackle chronic problems in the UK’s social care system. The Institute for Fiscal Studies warned the increase in funding for social care will fall short of reversing deep cuts [...]
Government breaches another manifesto pledge by denying full triple lock uplift September 7, 2021 The government has breached another manifesto pledge and scrapped the normal functioning of the state pension triple lock, it announced today. In a statement delivered to the House of Commons today, secretary of state for work and pensions Thérèse Coffey announced the government will employ a triple lock lite, denying millions of pensioners an uplift [...]
Bank of England hawk Saunders suggests interest rates will rise in 2022 September 7, 2021 Your mortgage rate looks more likely to rise next year, according to one Bank of England rate-setter. The Bank of England may need to increase interest rates next year if the UK’s GDP recovery momentum holds and inflation becomes stickier, policymaker Michael Saunders said today. Saunders, who in August voted for an early stop to the BoE’s [...]
Johnson to defy Tory MPs and launch £10bn-a-year tax hike to fund social care and NHS September 7, 2021 Prime minister Boris Johnson will defy a revolt among Tory MPs and scathing criticism and plough on with a hike to national insurance to generate more than £10bn a year to tackle the swelling backlog of NHS work and fix the UK’s ailing social care system. Johnson will today announce an at least one percentage [...]