A breathing space Budget? This is asphyxiation Economics If there were treats in John Healey’s pre-Halloween Budget they were hidden in a gloopy soup of tricks. Forget the talk about a low-key, ‘do no harm’ fiscal event; the Chancellor has delivered a mess of new interventions, subsidies, tax rises, quangos and complications against a backdrop of truly terrifying economic forecasts. Let’s start with [...]
Budget: Healey hikes taxes and delays defence spending as economy set to slump Politics John Healey has announced a string of tax hikes to fund short-term measures worth billions of pounds to help households and businesses cope with rising prices, in a maiden Budget that omitted major spending plans on defence and welfare. In his speech, the Chancellor said the government would look to raise defence spending to three [...]
HSBC ‘encouraged’ by Burnham agenda despite tax threat and growth downgrade Banking HSBC’s finance boss said the bank is “very encouraged” by Andy Burnham’s agenda, despite slashing its UK growth forecast ahead of a potential tax raid. Pam Kaur, HSBC’s chief financial officer, said: “The UK is our home market, our focus in the UK is supporting customers with their growth ambitions.” But when asked about a [...]
The major Budget questions facing John Healey in four charts October 26, 2026 John Healey faces several tests in delivering a Budget that keeps the UK economy on course to grow. Mauricio Alencar looks at the questions he will have to answer at the despatch box. Investors are heading into the upcoming Budget with a lot of unknowns. John Healey faces a test in balancing expectations between different [...]
UK tech race at risk from ‘far too cautious’ government, warns watchdog October 21, 2026 Britain risks falling behind in the global tech race unless the government takes greater risks backing British startups, the chairman of Parliament’s spending watchdog has warned. In a report published on Wednesday, the Public Accounts Committee (PAC) urged UK Research and Innovation (UKRI) to take more equity stakes in companies it funds, arguing taxpayers are [...]
Healey’s ‘mixed messages’ on bank tax leave City blindsided October 16, 2026 The City was left reeling on Friday following reports that John Healey was drawing up plans to tax banks in the forthcoming Budget. Industry heavyweights across the UK have fired warning shots as Healey weighs up different options to target the banking industry with a hefty cash raid. One City figure told City AM a [...]
UK economy slows yet beats expectations October 15, 2026 The UK economy slowed in August but beat market expectations after a boost in the production sector, according to official statistics. GDP expanded by 0.1 per cent in August following several months of high growth. A poll of economists by Bloomberg predicted that the UK economy had contracted by 0.1 per cent in August. Figures [...]
UK banks could unleash cash buffers to spur economy, says top Bank of England regulator October 15, 2026 UK banks are holding excessively large “rainy-day funds” that could instead be deployed to boost economic activity, according to a top regulator at the Bank of England. David Bailey, executive director of Prudential Policy at the Bank of England, told City AM the watchdog had kicked off talks with international peers over how to simplify [...]
Business feels ‘beaten up’, Burnham ally says October 14, 2026 Lord Jim O’Neill, one of Andy Burnham’s closest allies, has warned businesses feel “beaten up” by government as he urged the Prime Minister to spare British companies from another punishing raid at the Budget. Speaking to a group of MPs at the Treasury Select Committee, O’Neill doubled down on his opposition to capital gains tax [...]
Dan Neidle: too many of our taxes make no sense October 14, 2026 We spend a lot of time talking about tax as a revenue raiser and far less time asking whether the taxes themselves make any economic sense. We rarely think seriously about how the design of the tax system itself can encourage or inhibit growth, says Dan Neidle Britain’s demographics are brutal. Spending on health and [...]