Millions of savers to face ‘hidden tax burden’ August 5, 2025 Millions of Brits will face a ‘hidden tax burden’ this year, fresh HMRC data has revealed, as thousands more are set to pay tax on the interest from their savings. Over 3.35m people are projected to be taxed on savings interest in 2025 – where the interest earned on savings exceeds the tax-free allowance and [...]
Minister says only ‘average incomes’ up to £39k safe from Reeves’ tax hikes July 15, 2025 A government minister has said that Labour will stick to its manifesto commitment not to raise personal taxes, at least for those on “average incomes” – earning up to £39,000. Successive ministers over multiple days of media rounds have been caught in an increasingly tangled mess of definitions of what it means to be “wealthy”, [...]
Tax debate goes from comedy to tragedy July 15, 2025 When I suggested recently that we were going to experience déjà vu, with another summer of endless tax rise speculation, I didn’t imagine the experience would be quite so profound. And yet, having already enjoyed the spectacle last year of Labour MPs trying to define “working people” they’re now treating us to a rerun of [...]
Rachel Reeves ducks ‘speculation’ despite tax pledge confusion July 14, 2025 Chancellor Rachel Reeves ducked questions about her Autumn Budget plans despite growing confusion over tax pledges and definitions of “working people”. In an interview on Monday, the chancellor reiterated the government’s pledge not to raise the rates of income tax, national insurance or VAT. But Reeves declined to comment on whether she would introduce a [...]
Treasury minister Darren Jones struggles to define ‘modest income’ July 14, 2025 Chief Secretary to the Treasury Darren Jones says Labour’s “working people” tax pledge refers to “anyone that gets a payslip, basically”. Rachel Reeves’ deputy was asked across multiple interviews on Monday morning to clarify who exactly would be shielded from tax hikes, and whether Labour’s pre-election promises not to raise levies on “working people” will [...]
UK economy contracts 0.1 per cent in blow to Rachel Reeves July 11, 2025 Rachel Reeves’ waning growth agenda has been dealt another blow after the UK economy contracted 0.1 per cent in May. The Chancellor has endured a bruising few weeks after government U-turns and spending splurges have cut into the fiscal headroom she outlined in the Autumn. Fresh figures from the Office for National Statistics have confirmed [...]
Week in Business: The tragedy of Labour’s tax addiction July 10, 2025 From the housing market to the stock exchange, some taxes need to be reformed or reduced - but this government only wants to hike rates.
Labour’s tax addiction will end in tears July 10, 2025 It is now pretty much universally accepted that the government will launch a fresh tax raid in October’s budget. City economists expect the Treasury to be on the hunt for between £10bn and £20bn of additional revenue, though given the expensive u-turns on winter fuel payments and welfare reform combined with likely lower growth forecasts [...]
Reeves warns ministers tax rises are coming after loss of ‘low hanging fruit’ July 5, 2025 Chancellor Rachel Reeves has warned ministers that taxes will have to rise after the government U-turned on its welfare bill, despite repeated pledges not to increase the taxes of working people. Reeves told ministers on Tuesday that raising the tens of billions pounds she needs would be a “big challenge” given her lack of options, [...]
How much tax do you pay above £100k? Britain’s highest earners in numbers July 4, 2025 A growing number of Brits have seen their salaries hit £100k – but a growing number are also feeling underwhelmed after having crossed the threshold. What accounts for their disappointment? There were as many as 1.35m taxpayers earning over £100,000 in the UK during the 2022/23 tax year, an increase of around 16 per cent [...]