Taxes and tariffs combine to ‘drag business sentiment’ April 30, 2025 The double whammy of Rachel Reeves’ taxes and Donald Trump’s tariffs have dragged confidence in business volumes to their lowest level in more than two years, fresh data has found, further clouding prospects for the British economy. The UK has already suffered from lacklustre growth over the last few years as real GDP only expanded [...]
Reeves unveils new crypto rules as she promises to back UK fintech April 29, 2025 Chancellor Rachel Reeves pledged to back UK fintech as she unveiled new crypto rules during a landmark address to industry executives on Tuesday. Speaking at Innovate Finance’s 11th global fintech summit, Reeves pledged to support growth and consumers through new “clear” outlines for digital assets. The fresh crypto legislation follows on from the Treasury’s launch [...]
Rate setter calls for market digitalisation and touts Bank of England’s flexibility April 29, 2025 Bank of England rate setter Dave Ramsden has called for bold action on digitalisation in a rebuke of concerns that the Bank’s prescriptive rules were stifling innovation. Speaking at the Innovate Finance Global Summit on Tuesday, the central bank Deputy Governor said widespread innovation in wholesale financial markets from authorities and industry would boost the [...]
Labour ministers urged to be clearer on small pension pot plans April 29, 2025 The UK government needs to be more coherent and take extra care with pension schemes before it consolidates small pension pots, a leading industry group has warned. The Department for Work and Pensions (DWP) last week unveiled plans to ease costs by automatically combining small pots holding less than £1,000 into one scheme. Individuals will [...]
High-tax Britain is losing the race for global talent April 29, 2025 High taxes, fiscal drag and the cost of living mean London is no longer the destination of choice for skilled employees – and competitors like the Basque Country are feeling the benefits, says Ivan Jimenez I’m a proud native of the Basque Country in northern Spain, but having spent a lot of time in the [...]
Employment Rights Bill will ‘cut retail staff numbers’ April 29, 2025 Labour’s Employment Rights Bill will lead to job cuts and price hikes, a poll of 31 major retailers has found, in the latest sign the government’s legislative agenda risks harming economic growth. The legislation, which is nearing its final stages in Parliament, introduces sweeping changes to zero-hours contracts, sick pay, leave, flexible working and dismissal, [...]
Sir Jim Ratcliffe: Businesses can’t afford ‘heavy blow’ of net zero taxes April 29, 2025 INEOS founder Sir Jim Ratcliffe has slammed UK net zero policies as unaffordable and claimed carbon taxes are “killing manufacturing”. The Manchester United co-owner described payments to be made by INEOS’ Grangemouth as part of the UK Emission Trading Scheme (ETS), which puts a financial cost on carbon emissions, as “yet another tax bill” that [...]
EU youth mobility scheme exposes Labour’s immigration angst April 28, 2025 The government will not back it, the government will back it. It will grow the economy, it will make Brits poorer. It will reverse Brexit, it doesn’t bring us close enough to the European Union. It is not a youth mobility scheme, it’s a ‘youth experience’ scheme. Labour’s hokey-cokey dance around the possible introduction of [...]
Treasury to scrap valuation quango amid efficiency drive April 28, 2025 The Valuation Office Agency will be folded into HM Revenue & Customs (HMRC), the tax minister has said, in the latest sign of the government’s efforts to trim away fat from the operations of the state. The arms length body responsible for valuing properties to determine tax rates, which spans £60bn worth of valuation each [...]
EY: Two years of slow UK growth means ‘increased chances’ of tax rises April 28, 2025 Rachel Reeves may have to resort to reversing Labour manifesto tax pledges as UK growth fails to exceed one per cent for two years running, EY ITEM Club have said, in the latest blow to the chancellor’s fiscal plans The Chancellor has been warned by several forecasters that President Trump’s tariffs will hammer the UK [...]