Brits forced to raid savings in order to cope with financial uncertainty September 23, 2025 The strain of the cost of living crisis combined with ongoing wider economic problems has forced Brits to change both their spending and savings habits in order to remain financially stable. According to the latest survey from St James’s Place, 18 per cent of 8,000 respondents have had to dip into their savings, while 41 [...]
Backlash grows as Reeves eyes VAT raid on cabs September 21, 2025 Rachel Reeves is facing a mounting backlash over plans to impose VAT on taxi fares, with campaigners warning the move will hammer rural residents, make it harder for disabled people to attend medical appointments, and heap pressure on the NHS budget. The chancellor is weighing proposals to introduce a 20 per cent levy on all [...]
‘Staggering’ – Public sector borrowing in August jumps to highest in five years September 19, 2025 Public sector borrowing in August has jumped to its highest level in five years, raising fears of huge tax hikes in the autumn to balance the books. Borrowing – the difference between total public sector spending and income – was £18bn in August 2025, £3.5bn more than last year and the highest since 2020, when [...]
UK Treasury questions OpenAI, Microsoft, Meta over AI in financial services September 18, 2025 The Treasury Committee has sent letters to six major technology firms, including OpenAI, Microsoft, Meta, and Amazon, seeking detailed information about the role they play in providing AI services to the UK financial sector. The correspondence is part of the Committee’s inquiry into AI in financial services, ahead of forthcoming sessions with regulators and HM [...]
Jockey Club warns of Treasury ‘self-harm’ ahead of racing’s tax hike strike September 9, 2025 The Jockey Club has warned that the government is “walking into self-harm” if it pushes ahead with a tax hike on racing bets as the industry prepares for an unprecedented strike tomorrow. For the first time in its modern history, racing has voluntarily shelved all meetings due to take place on Wednesday – at Lingfield, [...]
Savers race to withdraw pension lump sums over tax concerns September 5, 2025 UK pension savers rushed to withdraw their tax free cash over the past financial year, as they braced themselves for possible changes to tax rules on retirement funds. The amount withdrawn from UK pensions in tax-free lump sums rose more than 60 per cent in the 2024/25 financial year to £18.1bn, up from £11.25bn the [...]
How likely are property tax reforms in the Autumn budget? September 3, 2025 Rumours have been swirling in Westminster about a variety of property tax changes Rachel Reeves might introduce in this Autumn’s budget – or further down the line – in an attempt to plug a £40bn gap in the nation’s finances while overhauling a complex system of levies and charges. The Treasury is reportedly looking into [...]
Home Office contractor proposes investor visa for ‘business angels’ September 2, 2025 A Home Office contractor has put forward plans for an investor visa to be re-introduced as advisers claimed a targeted entry route for wealthy foreign nationals would be “dramatically beneficial” for the UK economy. Envestors, an investment service that assesses entrepreneurs applying to enter the UK via the innovator founder visa, has argued that a [...]
Keir Starmer puts Treasury manpower in No 10 at expense of Reeves September 1, 2025 Keir Starmer has made a series of new appointments that point to his drive to bolster No10’s focus on the UK economy at the expense of the Treasury. Starmer has given Darren Jones the newly-created position of chief secretary to the prime minister after he previously served as the chief secretary to the Treasury. In [...]
Budget 2025: Lloyds, Natwest and Barclays brace for a tax raid? September 1, 2025 Ahead of the 2024 Autumn Budget, Prime Minister Sir Keir Starmer warned Labour’s first fiscal event was “going to be painful”. He added those with the broadest shoulders “should bear the heavier burden” as Chancellor Rachel Reeves battled against an alleged ‘£22bn black hole’ inherited from the Conservative government. After lobbying efforts, banks were spared [...]