UK economy receives hefty growth upgrade from IMF October 22, 2024 The international fiscal watchdog now expects the UK to grow 1.1 per cent in 2024, up from a previous forecast of 0.7 per cent.
Inheritance tax receipts hit record high ahead of expected Budget reforms October 22, 2024 The government raked in £4.3bn from inheritance tax in the six months to September, a nine per cent rise on the same period last year, as Rachel Reeves lines up reforms to the unpopular tax in her Budget next week. According to figures released by HMRC on Tuesday, the Exchequer received £736m from inheritance tax [...]
Autumn Budget: Which taxes will Rachel Reeves hike? October 22, 2024 With the Autumn Budget set to be delivered in just a few days, speculation about which taxes Chancellor Rachel Reeves will opt to raise has reached fever pitch. On entering No 11 Downing Street, Reeves commissioned the Treasury to conduct a thorough spending audit, which she claimed unearthed a “fiscal black hole” of £22bn, paving [...]
Borrowing beats expectations as Rachel Reeves prepares tax rises October 22, 2024 The borrowing figures are merely the latest indication of the challenging fiscal position which the new government has inherited as the Budget approaches.
It’s hard work working out what ‘working people’ means October 22, 2024 Politicians do like to lump people together. In recent years we’ve had the squeezed middle, the just-about-managing, hard working families and (who could forget?) Nick Clegg’s “alarm clock Britain.” To this list of amorphous jargon we must now add “working people.” Labour figures have been leaning on the phrase for months, not least as part [...]
Health minister says NHS set for technology transformation October 21, 2024 Health secretary Wes Streeting has announced plans for digital patient records which will make health data available to all NHS hospitals, GPs and ambulance services in England. It came as he launched a major consultation on the government’s plans to transform the NHS from“analogue to digital” in the next decade amid privacy fears over data [...]
Budget: Minister refuses to rule out tax rise for £100,000 earners nine times October 21, 2024 A government minister has refused to rule out whether Labour would increase taxes on those earning more than £100,000 at the Budget. Speaking to Sky News, care minister Stephen Kinnock refused nine times to say whether – under Labour’s definition – someone earning a six figure salary would see their taxes go up. Labour’s election [...]
Reeves tax raid ‘risks harming UK economy’, top business groups warn October 21, 2024 Some of the country’s top business groups have warned that Rachel Reeves’s rumoured plans to ditch a slew of tax breaks for entrepreneurs at the budget “risk harming” the economy and dissuading founders from setting up companies in Britain. In an open letter to the Chancellor today, four business groups representing over 1200 UK founders and investors, [...]
UK banks brace for Budget tax raid despite lobbying efforts October 21, 2024 UK banks are bracing for a tax raid in Labour's maiden Budget as new analysis reveals the sector is already paying a significantly higher rate than counterparts in the US and EU.
Government should consider Post Office mutualisation, ex-minister says October 20, 2024 The government should consider plans to turn the Post Office into a John Lewis-style mutual, a former business minister has said, amid reports Whitehall is looking at the viability. Conservative shadow business secretary Kevin Hollinrake has said he would support a proposal to transform the Post Office’s business structure into a mutual in which customers [...]