IMF warns UK is at risk of ‘adverse market reaction’ without action on debt October 23, 2024 Government debt will rise through the 2020s, surpassing GDP and putting the UK at risk of an "adverse market reaction", the IMF warned.
Budget borrowing will slow Bank of England rate cuts, economists warn October 23, 2024 Chancellor Rachel Reeves is hoping to raise £40bn in next week's Budget to help fund higher spending on public services. This will largely come through higher taxes.
Co-op boss: Reform broken business rates system at Budget October 23, 2024 The current business rates system is “fundamentally broken” and is in need of urgent reform at the Budget, the chief executive of the Co-op has warned in an interview in which she also endorsed Labour’s contentious workers’ rights package. Shirine Khoury-Haq told the Today Programme that business rates were one of the driving forces behind [...]
Reeves planning national insurance on employer pension contributions, as workers spared October 23, 2024 The move would raise £15.4bn, which would go a long way to filling the £40bn which Reeves hopes to raise through a combination of tax rises and spending cuts.
Lloyds finance chief calls for ‘pro-growth’ Budget amid fears of bank tax raid October 23, 2024 Lloyds Banking Group’s finance chief has suggested tax rises on UK banks could hinder lending and investment as the sector braces for a possible raid in the government’s maiden Budget next week. Speaking after Lloyds’ third quarter results this morning, William Chalmers said banks are already among Britain’s biggest taxpayers and the FTSE 100 group [...]
Evelyn Partners: Wealth manager warns clients fretting over Budget tax changes October 23, 2024 Wealth management and accountancy business Evelyn Partners has warned that its clients have been fretting over the raft of speculation coming out about next week’s Budget. Rumours about the contents of the Budget have been flying out of Westminster, with concerns that the Chancellor Rachel Reeves may move to hike a variety of taxes and [...]
Building societies demand a say on government’s industrial strategy October 23, 2024 A group of Britain’s biggest building societies and mutuals have demanded a seat on the council shaping the government’s industrial strategy as ministers prepare to unveil a team of executives to oversee the plans. In a letter to business secretary Jonathan Reynolds, seen by City AM, a group of four trade groups including the Association [...]
The walls are closing in on the Chancellor October 23, 2024 With just one week to go until the Budget (arguably one of the most consequential in recent memory) economists, investors, analysts (and most certainly journalists) are scouring everything from tea leaves to official data for indications of what exactly the Chancellor is going to say next Wednesday. Most people agree that her choices are limited [...]
Autumn Budget: The growth case for hiking capital gains tax October 23, 2024 We don't know exactly what form the changes will take and we don't know how much the Chancellor expects to raise, but reforms are coming.
Non-dom lobby group to meet Business and Trade officials as Budget looms October 23, 2024 A newly formed non-dom lobby group is scrambling to arrange a crunch meeting with the new Minister for Investment, or her officials, as it seeks to make its case against the government’s plans to scrap the favourable tax status. City AM understands that Foreign Investors for Britain (FIFB) has been in contact with the newly appointed [...]