CBI chair Rupert Soames: Reeves has created a ‘hole in the trust of business’ January 13, 2025 Rachel Reeves has created a “hole in the confidence and trust of business” by using the private sector to fill a £22bn hole in the government’s finances, the chair of the UK’s top business body has said. Rupert Soames, chair of the Confederation of British Industry, said the Chancellor had “bruised” British companies after rolling [...]
A ‘painful sequel’ to the Budget may be coming, Deutsche Bank warns January 7, 2025 Businesses should brace for a “painful sequel to the autumn Budget” this year as lacklustre growth raises the threat of further tax hikes from Rachel Reeves, Deutsche Bank has warned. In a note to investors, the investment bank warned that growth was likely to slide below the Office for Budget Responsibility’s (OBR) projections in October [...]
Cabinet Office to make hundreds of Civil Service redundancies December 12, 2024 Hundreds of jobs are set to be cut by the Cabinet Office, it has been confirmed, in a move which the government department said will create a “smaller, clearer structure”. A total of 400 jobs have been placed at risk at the department which is responsible for a range of functions across government. The Cabinet [...]
Starmer refuses to rule out further tax rises or more borrowing November 27, 2024 Sir Keir Starmer has refused to rule out further tax rises or additional borrowing when challenged to repeat his Chancellor’s pledge not to “come back with more”. During Prime Minister’s Questions (PMQs) in the House of Commons on Wednesday, Conservative opposition leader Kemi Badenoch asked Starmer about Rachel Reeves’ words. She said: “At the Confederation [...]
Retailers ‘right’ to warn of Budget job cuts, says Bank of England governor November 19, 2024 The governor of the Bank of England, Andrew Bailey, has said a group of retailers were “right” to warn of sweeping job cuts as a result of Labour’s punishing £40bn tax raid at the Budget. A group of Britain’s biggest supermarkets and retail chains, including Tesco, M&S, Boots and B&Q, wrote to the Chancellor Rachel [...]
Exclusive: Reeves to reveal new mutual council with Nationwide and Co-op November 14, 2024 Chancellor Rachel Reeves will set out plans for a new mutual council today made up of some of Britain’s biggest customer and member-owned firms, including Nationwide, Royal London and the Co-op Group, City AM understands. In her maiden Mansion House speech, Reeves is expected to set out a growth plan for mutually owned business as [...]
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 [...]
Rachel Reeves warned a capital gains tax hike could trigger a market sell-off October 17, 2024 Investors could begin offloading stocks ahead of the Budget this month amid rumours the Chancellor is preparing to hike the level of capital gains tax (CGT) paid on shares, analysts have warned. Rachel Reeves is set to use her inaugural budget on 30 October to lift by several percentage points the charge paid by investors [...]
Why investors are switching from bullion bars to coins amid Budget capital gains tax fears October 17, 2024 The sale of bullion bars has suffered a sharp drop amid fears Chancellor Rachel Reeves could hike capital gains tax in the Budget later this month. The Royal Mint has revealed sales of bullion bars, which are subject to capital gains tax, fell by 11 per cent year on year in the three months to [...]
London-listed firms say uncertainty over AIM tax relief is hurting investor confidence October 10, 2024 Over 100 major London-listed companies, including Fevertree Drinks and YouGov, have written to the Chancellor warning that the uncertainty surrounding the future of a key tax relief tied to London’s junior stock market is battering investor confidence.