Lloyds beats profit target as bank sets sights on more cost-cutting July 30, 2026 Lloyds Banking Group beat its profit forecast for the first half of the year as the bank’s top boss laid out plans to make further cost savings in the years ahead. The FTSE 100 lender – which owns the Bank of Scotland and Halifax – recorded a £4.3bn pre-tax profit in the first half of [...]
‘Difficult decisions’ – Burnham looks at new tax on workers to fund social care overhaul July 29, 2026 Andy Burnham has pleaded for opponents to engage in a cross-party discussion over sweeping adult social care reform as he warned that “difficult decisions” would have to be taken to fund the plans. In a press conference from a Jewish care centre in North London, Burnham indicated he wanted social care to be funded on [...]
Burnham won’t be bold enough to make devolution shift the dial on growth July 28, 2026 Within a year of Cornwall abolishing the 45p additional rate of income tax and reducing corporation tax to 15 per cent, hundreds of entrepreneurs and businesses, including dozens of major financial and professional services firms, had relocated to the county. The influx of private sector dynamism delivered an astonishing economic boost to a region that [...]
Andy Burnham will find there is a limit to tax rises July 28, 2026 Since tax increases are constrained by adverse behavioral responses and public resistance, the government must prioritise improving long-stagnant public sector efficiency, says Paul Ormerod A brand new Cabinet is in place, with ministers eager to introduce new spending plans to demonstrate that they are making an impact. To pay for these, a range of potential [...]
Scotland’s tax hike may have backfired as receipt falls July 26, 2026 The Scottish government’s decision to raise the top rate of income tax may have backfired, according to analysis by the lawyer Dan Neidle. Neidle’s research on tax data suggested that a decision to increase the top income tax rate to 48 per cent led to lower receipts. HMRC data from 2024-25 suggested that the Scottish [...]
Heathrow boss warns Burnham against Budget raid after hub’s tax bill doubles July 24, 2026 The boss of Heathrow has warned Andy Burnham against using business as a cash cow at his maiden Budget this autumn, after the airport’s tax bill more than doubled in the space of a year. Thomas Woldbye said the aviation sector is one of the most heavily taxed industries in Britain, and that uptick in [...]
Will Burnham take the pressure off business? Don’t bank on it July 23, 2026 Andy Burnham’s big ambitions come with a big price tag. Our analysis shows a £22bn black hole of unfunded commitments, including the costs of honouring decisions announced in the dying days of Keir Starmer’s government, such as NHS pay rises and the Defence Investment Plan. If you add in the new PM’s other great ideas, [...]
Nearly 1m people to pay higher tax ‘by stealth’ July 22, 2026 Nearly one million people are being dragged into higher tax bands as the government’s “stealth” freezes take effect, according to new analysis. Data crunched by the Taxpayers’ Alliance has shown that fiscal drag – where freezes on tax bands mean workers are forced to pay more into HMRC as wages grow – will impact 1m [...]
Manchester was Burnham’s rehearsal – now get ready to pay the bill July 22, 2026 Burnham has asked to be judged on Manchester – where his record is more spending, more borrowing and higher taxes, says Gareth Davies Andy Burnham walks into Downing Street with a simple pitch: judge me on Manchester. I am happy to take him up on it. Start with tax. In 2018, Mr Burnham created a [...]
IHT receipts hit record high as Rachel Reeves’ frozen bands raid plague Brits July 21, 2026 Inheritance tax receipts soared to a record high in the three months to June 2026, as frozen thresholds drag more Brits into the net. Receipts hit £2.3bn over the period, according to the latest figures from HMRC, a £96m increase from the same period last year. In June alone inheritance tax (IHT) receipts totalled £871m [...]