Budget Day dawns: Bosses are ‘concerned and apprehensive’ October 30, 2024 Business leaders are concerned and apprehensive as Budget day dawns and firms from start-ups to Square Mile stalwarts wait with bated breath for Rachel Reeves to reveal the extent of the tax rises contained in the government’s first fiscal event after 14 years out of power. Pollsters asked bosses and senior executives to select from [...]
These two mistakes are making today’s Budget harder than it needs to be October 30, 2024 The problem with Rachel Reeves promising both ‘stability’ and ‘growth’ is that the two can be mutually exclusive. Governments do not create growth; businesses do and they rely on innovation and risk taking, says Alys Denby Not since George Osborne’s ‘caesar’ cut has a Chancellor’s hair-do caused such a sensation. Did Rachel Reeves’ newly auburn [...]
What will happen to wealth taxes? October 30, 2024 The Chancellor is considering a range of tax hikes on wealth, but questions remain over how much revenue she can raise, says Nick Pheasey The taxation of an individual’s wealth can be an emotive subject. Broadly, the UK imposes tax on wealth on two occasions. First, as it is generated, by income tax or capital gains [...]
Sir Martin Sorrell: Tax hikes risk hurting UK productivity October 29, 2024 The government’s potential tax hikes and changes to investment relief could drive capital abroad, discourage hiring and stymie productivity, former WPP chief Sir Martin Sorrell has warned ahead of tomorrow’s Autumn Statement.
Budget 2024: No10 claim Hunt trying to ‘blame referee’ as OBR row heats up October 29, 2024 Jeremy Hunt is trying to “blame the referee” amid a row over an OBR review into the previous government’s departmental spending plans, No10 has claimed. The former Chancellor has criticised the Office for Budget Responsibility (OBR) for choosing to publish its findings as to whether it was given adequate financial information from Conservative ministers ahead [...]
Business will be looking at where taxes are going, not just where they are October 29, 2024 Tomorrow’s Budget announcements will capture immediate attention, but it’s the tax roadmap that could have the most enduring impact, says Chris Sanger The government’s decision to publish a corporate tax roadmap in this week’s Budget is intended to strengthen the UK’s economic foundations and attractiveness as a destination for capital. This move comes at a [...]
How retail investors are bracing for a Rachel Reeves tax raid October 29, 2024 Fear among retail investors is building in the face of this week’s Budget, with Chancellor Rachel Reeves’ rumoured changes to capital gains tax and inheritance tax hanging over the heads of individual stockpickers. While capital gains tax currently sits at 20 per cent, speculation has spread that it could be hiked when the government lays [...]
Tech boss warns UK to avoid own goal in Autumn Budget October 29, 2024 The founder and chief executive of a British artificial intelligence (AI) unicorn has urged the government to prioritise innovation in this week’s Budget, warning against policies that could hinder growth for UK tech firms. “I will be watching with huge focus when the Budget is delivered,” Vishal Marria told City AM, adding that “we must [...]
Wealth tax ‘could cost the UK £100bn in 10 years’ October 29, 2024 The UK is especially vulnerable to the ill effects of a wealth tax and could suffer a near £100bn hit to its GDP in a decade were one introduced, a paper out today has argued. A two per cent tax applied to those with a net wealth of £10m would incur a 0.4 per cent [...]
Why wealth taxes always fail October 29, 2024 Almost every country that has tried imposing wealth taxes has later abolished them, with good reason says John O’Connell Rachel Reeves’ problem tomorrow is a simple one to describe, if not a simple one to solve. How does she raise the revenue needed to fund the spending binges of her colleagues, without raising taxes on [...]