Starmer refuses to commit 3 per cent defence spending despite ‘battle-ready’ claim June 2, 2025 Keir Starmer has been criticised for failing to commit to increasing defence spending to 3 per cent of GDP. The Prime Minister vowed to put in place the “largest sustained increase in defence spending since the Cold War,” with a 2.5 per cent share of GDP going to defence. However, the PM maintained that hitting [...]
Andy Haldane: Reeves ‘not even close’ on growth after ‘rookie errors’ June 2, 2025 The Bank of England’s former Chief Economist has slammed Rachel Reeves’ first near-full year as Chancellor as “disappointing”, with the government “not even close to doing enough” on growth. Less than two weeks out from the 11 June spending review, Andy Haldane told LBC’s Nick Ferrari that there have been “mistakes, rookie errors” that have [...]
Spending review: Government poised to boost NHS and defence sector June 1, 2025 The government’s spending review is likely to focus on the UK’s health and defence sectors, a report from the Institute for Fiscal Studies (IFS) suggests. The spending review, which will be published on 11 June, will allocate departmental funding and budgets for the next three to four years. It has been the subject of speculation [...]
50,000 civil service jobs could be cut in Labour spending review May 29, 2025 Civil servants are facing another round of job cuts, with as many as 50,000 civil service jobs on the line in the government’s upcoming spending review. According to reports, ten per cent of civil servants, who number 500,000 in total, will be culled. The civil service swelled after Brexit and the pandemic, with 130,000 added [...]
Which taxes could Rachel Reeves raise in the Autumn Budget May 29, 2025 Rising borrowing costs, u-turns on spending cuts and a wafer-thin fiscal headroom all point to one thing: Chancellor Rachel Reeves is widely expected to put up taxes later in the year. But given Labour’s manifesto commitment to avoid tax rises on “working people”, and the pain felt by businesses over National Insurance hikes, many are [...]
Reeves’ tax raids crush business confidence – but worst is yet to come May 29, 2025 Business confidence plummeted in the three months to May as Rachel Reeves’ tax hikes took hold and firms have warned more pain is to come. Consumer services’ optimism marked its eight consecutive month of decline at -42 per cent, whilst levels of business value plunged to -56 per cent. This was down from -44 per [...]
Keir Starmer hits back at Reform’s ‘fantasy’ economic policies May 29, 2025 Keir Starmer has hit back at Nigel Farage’s “fantasy economics,” after the Reform leader laid out a suite of fresh policies aimed at attracting voters away from Labour. In a speech to workers in the North West later today Starmer plans make the case against Farage’s economic credibility, likening the proposals to the Liz Truss [...]
HMRC review signals potential pension tax changes in Autumn May 28, 2025 Rachel Reeves could target pension savers in fresh tax grab as the Chancellor looks for additional ways to fund the government’s ballooning spending. His Majesty’s Revenue and Customs (HMRC) has published research as part of an official review of workplace retirement schemes, exploring cuts to the tax benefits of salary sacrifice pension schemes. The schemes, [...]
AIM to shed billions as market projected to shrink by a fifth May 28, 2025 London’s junior stock market is set to deepen its listing crisis as it heads towards its 30th birthday. The alternative investment market (AIM) is projected to have £12.3bn of market capitalisation, after 61 companies announced plans to ditch their listing. A combination of mergers, private equity takeovers, delistings in favour of private securities venues and [...]
Reform present Tories with chance to rebuild economic credibility May 28, 2025 I bumped into a Tory MP in the City yesterday and after a cheerful catch up their mood crumbled when I asked about the state of their party. “We’re finished as a political force” was the frank assessment. A couple of hours later, Nigel Farage was making the same point on stage in Westminster, declaring [...]