Rachel Reeves risks ‘serious damage’ with tax hikes, OBR member warns July 11, 2025 Fears of another Rachel Reeves’ tax raid are growing after fresh figures revealed the economy shrank in May, but a member of the OBR has warned the Chancellor against drastic measures, including tax hikes. The Chancellor is facing renewed pressure, with economists warning that the government’s £190bn spending splurge, sporadic U-turns, and poor growth figures are set [...]
Wilkin & Sons: King’s jam maker returns to profit despite Reeves’ tax hikes July 11, 2025 Wilkin & Sons, the historic jams maker which supplies King Charles, has returned to profit despite the “significant strain” Chancellor Rachel Reeves’ Budget put on its finances. The Essex-headquartered business, which is behind the Tiptree brand, said the “continued increased in National Minimum Wage” impacted its bottom line while high energy costs also hit its [...]
Reeves puts cash ISA reform on ice ahead of Mansion House speech July 11, 2025 Rachel Reeves is expected to backtrack on plans to cut the tax-free allowance for cash ISAs, amid growing criticisms and building societies reporting a jump in new accounts being set up. “Differing views” from within government and a longer consultation time with the financial sector have contributed to the pause in the policy, according to [...]
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 [...]
Non-dom tax grab could blow £4bn hole in public finances July 11, 2025 The government’s decision to abolish the non-dom regime will blow a £4bn hole in the public finances and lead to over 3,000 fewer jobs if a quarter of the country’s wealthy foreigners leave. According to a fresh study from the Centre for Economics and Business Research (CEBR), non-doms choosing to leave the UK instead of [...]
Wealth tax would be ‘own goal’, London bosses warns July 10, 2025 The introduction of a wealth tax on Brits would yield less revenue for the government and drive investors overseas, bosses across London have warned. Keir Starmer this week refused to answer questions on whether the government was considering a wealth tax, which was mooted by former Labour Party leader Neil Kinnock last weekend. But business [...]
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.
Number of affordable homes started in London plummets July 10, 2025 The number of affordable homes underway in the capital has fallen far short of expectations as tight regulations and cost pressures make sites unviable. The Greater London Authority has so far completed 871 homes under the 2021-2026 Affordable Homes Programme (AHP), according to its annual housing report. This is just over five per cent of [...]
Benefits claimants take home more than minimum wage workers July 10, 2025 Brits claiming sickness benefits can be paid up to £25,000, which is more than the take home pay of a minimum wage worker. That’s according to new research from the Centre for Social Justice (CSJ), which found that if a claimant is receiving universal credit incapacity benefits alongside personal independence payments and housing benefits, the total [...]
Vistry looks to ‘transformative’ government investment as profit drops July 10, 2025 Housebuilder Vistry has reported a sharp drop in profit but expects activity to pick up later in the year as the government’s affordable homes investment filters into the market. Vistry, which unseated Barratt as the UK’s biggest housebuilder last September, told markets that it expects adjusted operating profit to be £125m in the first half [...]