Starmer ally defends minimum wage quango after Sunak calls for it to be axed June 9, 2026 Welfare secretary Pat McFadden has leapt to the defence of the minimum wage quango after former Prime Minister Rishi Sunak called for the body to be axed. The top ally of Sir Keir Starmer told City AM it “would be a mistake” to abolish the Low Pay Commission (LPC), an independent body that advises the [...]
Pat McFadden: I have not apologised to Rachel Reeves over ‘tax to pay benefits’ text June 8, 2026 Welfare secretary Pat McFadden has doubled down on his remarks unearthed in the Mandelson files that “every meeting [he has] is ‘who can we tax in order to pay benefits to others’”. The Cabinet minister was among numerous top officials to have his private messages released in documents relating to Lord Mandelson’s stint as the [...]
‘Why single out banks?’: Santander chief hits out at UK tax regime June 8, 2026 The boss of Santander has branded the UK’s tax regime on banks as making “no economic sense” as speculation mounts that the industry could be turned to for a quick cash grab if the Labour government lurches to the left. Ana Botín, the chief executive of the Spanish banking giant, has said the UK tax [...]
Shakira’s taxes don’t lie as singer wins £48m tax row May 18, 2026 A Spanish court has ordered the country’s tax authority to repay Colombian singer Shakira £48m after ruling that it had improperly collected the money in a dispute over her tax payments. In a statement published today, Madrid’s National Court said it has upheld Shakira’s appeal against the fine she was hit with five years ago, after [...]
What does new City minister Rachel Blake have in store for the Square Mile? May 15, 2026 The Westminster drama has hit the City in more ways than one. After Wes Streeting’s resignation triggered a mini-reshuffle, Felix Armstrong and Samuel Norman take a look at what the new City minister might have in store. In just under two years, the City has its fourth minister. Tulip Siddiq resigned in January 2025 after [...]
Barclays and Lloyds shares sink as political storm puts banks in tax sights May 12, 2026 The UK’s banking giants led a major sell-off across the FTSE 100 this morning as a combination of political hazards hit the London stock market. Barclays was the top faller on the index shortly after market open, shedding over four per cent to 410.65p. Natwest was not far behind, also losing over four per cent [...]
‘Twenty years of caution’: Banking industry ramps up efforts to fix ‘anaemic’ UK growth May 11, 2026 The UK’s industry body for banking has stepped up its lobbying efforts for the government to improve “anaemic” growth figures and bolster the financial services sector. A new report published by UK Finance – the body representing around 300 firms that provide UK banking services – has issued a nine-point plan, which calls for “clear [...]
London local elections 2026: Who will win in Barnet? May 6, 2026 Labour faces a battle in defending Barnet in the local elections after recent surges in council tax and a flurry of defections since 2022. Barnet stands as a real test for both the Conservative and Labour party. What was traditionally a safe seat for the Tories flipped red in 2022 as Labour won the borough [...]
A bank tax hangs in the balance at the local election ballot May 6, 2026 As speculation of a leadership challenge – or sweeping reshuffle – surrounds the forthcoming local elections, in this week’s column Samuel Norman looks at what a change in Chancellor would mean for the banking sector. It is no secret that Thursday’s local elections carry a weight far heavier than the fate of a few neighbourhood [...]
Tax hikes call time on two pubs a day crushing 2,400 jobs May 5, 2026 The government’s bitter round of tax hikes imposed on the hospitality industry is said to have forced the closure of two pubs a day in the first three months of the year in yet another blow to the already bruised sector. Figures from the Beer Bar and Pub Association (BBPA) showed 161 pubs across Britain [...]