Quarter of taxpayers in London and southeast stung by higher income tax July 2, 2023 A quarter of taxpayers in London and the southeast of England now fall within the higher rate of income tax, it has been revealed. Almost 2.5m people in the capital and commuter belt constituencies now come under the 40 or 45 per cent tax bracket, analysis of HMRC data by the Liberal Democrats has shown [...]
Risk aversion is ‘endemic’ in UK, pensions chief warns June 13, 2023 The UK is in the grip of “endemic” risk aversion when it comes to investment, a pensions chief executive has warned yesterday. Tracy Blackwell, chief executive of Pensions Insurance Corporation, said the country needed to embrace the risk of the markets and look to divert capital into more productive areas of the economy. “How we [...]
‘Can’t come soon enough’: Will Sunak follow through on 2p tax cut reports? June 4, 2023 Rishi Sunak’s mooted plans to reduce the tax burden from a seven-decade high with a 2p cut in income tax ahead of the next election have been welcomed by Tory campaigners. Reports surfaced in the Sunday Telegraph that the PM – an ex-City banker – is keen to cut charges in order to incentivise work [...]
Ofwat £11m enforcement boost branded ‘drop in the ocean’ by sewage campaigners May 16, 2023 An £11m funding boost for water regulator Ofwat to help it take action against polluting water companies has been branded a “drop in the ocean” by a campaign group, who argued more was needed to address the scale of the problem. Ofwat said the funds, which would be provided by a future hike to the [...]
Wagner Group: UK to put Russia mercenaries on proscribed terror list alongside ISIS May 10, 2023 The UK is set to designate Russia’s mercenary Wagner Group as a proscribed terrorist organisation, it is understood. The Times quoted a government source as saying the move was “imminent” and likely to be enacted within weeks after two months spent building a legal case. Proscription would make it a criminal offence to join Wagner, [...]
FCA will ‘keep its eyes’ on banks’ Q1 results for evidence of savings rate profiteering April 20, 2023 Savers are facing a rising “loyalty penalty” from high street banks, the Financial Conduct Authority (FCA) has warned. Customers banking with the UK’s big name lenders are likely to earn less competitive interest rates on their savings over time, while new savers are given more attractive offers, the City watchdog told MPs today. “Harm” from [...]
Treasury hunts for a new cybersecurity boss – guess how little they are paying? March 30, 2023 Protecting the UK Treasury from a whole host of cyber threats sounds like quite an important role, and one that you might think warrants a decent salary in order to secure someone with the technical skill and professional track record who is able to take on the task. Well, not quite. Despite claiming the UK [...]
Hunt must commit Treasury and BoE to review of rate rise impact, Labour shadow City minister urges March 21, 2023 Chancellor Jeremy Hunt has been urged to commit the Treasury and the Bank of England to a review of “sharp interest rate rises” in light of the ongoing banking turmoil. Shockwaves have rocked the financial sector in the past weeks with the collapse of the US arm of tech bank SVB – plus the buyout [...]
Inheritance tax take beats all records as property price hikes boost HMRC’s coffers by whopping £6.4bn March 21, 2023 The amount of inheritance tax (IHT) paid in February totalled £531m, bringing the total for the 2022/23 tax year to a record £6.4bn. With just one month to go the amount already surpassed the £6.1bn received by the Treasury throughout the entire 2021-22 financial year. The record-breaking inheritance tax take follows last week’s revision by [...]
Budget: Childcare support and energy bills on Hunt’s to-do list March 12, 2023 Ending the prepayment meter penalty on energy bills and boosting childcare support for the poorest parents are among measures set to be announced in the spring budget. Chancellor Jeremy Hunt this weekend confirmed households on prepayment meters will no longer pay more than people on direct debits, as of July 2023. Energy security secretary Grant [...]