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 [...]
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 [...]
Labour is failing the Lonsdale test October 23, 2024 The government should be asking: If Joe Lonsdale were to launch a podcast called British Optimist, what would we need to do in order to make his guests say they were positive about the future of the UK? Says James Price In a crowded field, there is one podcast whose new episodes I both look [...]
Premier League: Non-dom tax changes could be ‘own goal’ for No11 October 22, 2024 The Premier League could face an exodus of high-profile players if the government continues plans to eliminate the non-dom tax status in the upcoming Budget, experts have warned. Changes to the way tax is paid on overseas earnings could prove “an own goal” if they cause players to leave the English top flight when they [...]
Jeremy Hunt: Upping employer NI would be an ‘absolute disaster’ for economy October 22, 2024 Increasing employer national insurance contributions in the Budget would be an “absolute disaster” for Britain economically, Jeremy Hunt has warned. “I’m really worried that Labour is going to trash an economy, which has better growth prospects than it has for many years,” the shadow Chancellor told the Financial Times in an interview. On the prospect [...]
UK economy receives hefty growth upgrade from IMF October 22, 2024 The international fiscal watchdog now expects the UK to grow 1.1 per cent in 2024, up from a previous forecast of 0.7 per cent.
Inheritance tax receipts hit record high ahead of expected Budget reforms October 22, 2024 The government raked in £4.3bn from inheritance tax in the six months to September, a nine per cent rise on the same period last year, as Rachel Reeves lines up reforms to the unpopular tax in her Budget next week. According to figures released by HMRC on Tuesday, the Exchequer received £736m from inheritance tax [...]
Autumn Budget: Which taxes will Rachel Reeves hike? October 22, 2024 With the Autumn Budget set to be delivered in just a few days, speculation about which taxes Chancellor Rachel Reeves will opt to raise has reached fever pitch. On entering No 11 Downing Street, Reeves commissioned the Treasury to conduct a thorough spending audit, which she claimed unearthed a “fiscal black hole” of £22bn, paving [...]
Borrowing figures show Reeves is in a fiscal bind ahead of Budget October 22, 2024 The latest figures showed that borrowing in September exceeded expectations yet again, driven by higher government spending.