Rishi Sunak blasted for using £19bn of IMF funds as UK aid money abroad October 12, 2021 The Treasury is said to consider using a windfall from the International Monetary Fund (IMF) as aid money, by ‘recycling’ billions of pounds, according to reports. Sunak is preparing to use a large portion of the funds to contribute to the UK’s current aid spending rather than using it in addition to what is planned, [...]
High street bosses plead Chancellor to slash business rates October 10, 2021 Around 20 retail leaders have called for a cut to business rates to ensure the high street’s pandemic recovery. Some 21 bosses – including leaders of Iceland and MossBros – have written to Chancellor Rishi Sunak and said urgent intervention is needed to protect businesses. “There are many views on precisely how the business rates [...]
Rishi Sunak does not rule out council tax rise as he will ‘cut up Boris Johnson’s credit card’ October 4, 2021 Chancellor Rishi Sunak does not rule out further tax rises, including a hike in council tax to pay for social care. Asked about a warning from the Local Government Association that council tax may have to rise to plug a black hole in social care, Sunak said it would be wrong to “pre-empt” the local [...]
Hospitality sector urges Chancellor to freeze VAT at current rate to aid recovery October 1, 2021 Hospitality bosses have called on the Treasury to introduce a permanent lower rate of VAT to aid pubs and restaurants’ Covid recovery. The tax on pubs and restaurants rose from 5 per cent to 12.5 per cent today, following the temporary reduction introduced during the coronavirus pandemic. The Treasury’s goal is to return the tax [...]
City braces itself for more rules as Rishi Sunak orders financial regulation reviews September 24, 2021 Chancellor Rishi Sunak has ordered two immediate reviews of UK financial regulation following a report by the Treasury select committee on the collapse of Greensill Capital. In a letter published on Friday, Sunak insisted the Treasury acted “entirely appropriately” in its handling of David Cameron’s Greensill lobbying efforts. Sunak hit back at the report which [...]
Sunak says investors have nothing to fear over tougher tech M&A regulation September 15, 2021 Chancellor Rishi Sunak said proposals from the UK’s competition watchdog for tougher scrutiny of M&A deals in the startup industry are reasonable and not intended to discourage early investors in UK tech companies. “I don’t think people need to be that anxious about it,” he told reporters at a tech event in London. “No one [...]
Sunak: Private equity raid on UK businesses ‘good news’ for economy September 14, 2021 Foreign investment firms’ recent surge of interest in British listed companies is a “sign of confidence” in the UK economy, chancellor Rishi Sunak said on Tuesday, while also touting British fintech and life sciences companies as “globally best in class.” On the same day that Clayton, Dubilier & Rice cemented its pole position in a [...]
Rishi Sunak hopes insurers could help fund social care costs September 11, 2021 Chancellor Rishi Sunak has told Treasury officials to start talks with the insurance industry over potential new products to help finance social care costs, a treasury source said, according to reports. The news follows plans set out earlier this week by the Prime Minister to raise taxes on workers, employers and some investors in an [...]
Treasury refuses to bankroll Michael Gove’s single government login proposal August 21, 2021 Michael Gove’s plan to give every adult a single login for online interactions with the government, could be stalled by a funding dispute with the Treasury, according to reports. The Cabinet Office’s proposed plan, dubbed “one login for Government”, would result in people logging into a single online interface to conduct a host of activities [...]
Half a million UK partners in law firms and accountancies face tax hike in 2022 August 9, 2021 Over half a million sole traders and partners may face higher tax bills than expected next year if a government proposal to change the date businesses report their profits is approved. Experts have said it would generate billions of pounds for the Treasury years ahead of the existing schedule for payments, according to a report [...]