Thousands of savers overcharged on pension withdrawals by HMRC August 26, 2025 Thousands of people have claimed a refund on emergency tax on pensions after the HM Revenues & Customs (HMRC) overcharged savers an eye watering amount on their withdrawals. In total, 6,000 people successfully claimed a refund in the 2023-2024 financial year, a 20 per cent increase from the year before, according to figures obtained by [...]
Pound edges up against dollar after Trump’s latest Fed attack August 26, 2025 The pound gained from a turbulent US dollar trading session on Tuesday after the greenback was stung by President Donald Trump’s attacks on the Federal Reserve. The dollar index (DXY) – which tracks the dollar’s value against a basket of currencies – tumbled as much as 0.4 per cent as Trump said he had “sufficient [...]
Bunzl: FTSE 100 giant hit by Rachel Reeves’ tax grab August 26, 2025 Profit at distribution titan Bunzl took a hit in the first six months of 2025 as challenging economic conditions weighed on the firm’s books. The FTSE 100 giant’s adjusted operating profit came in at £404.5m for the half, an 11.2 per cent drop from £455.5m for the same period the year prior. Despite this shares [...]
Beware calm markets. Smooth waters don’t always signal safety August 26, 2025 As US markets prove resilient to tariff chaos, Fabio Bassi pleads a note of caution. As sailors know, calm waters don't always signal safety.
Job vacancies tumble in July as hiring appetite eases August 26, 2025 UK job vacancies tumbled in July following a strong June performance, with entry level roles still suffering from a weak job market. Vacancies fell month on month following June’s strong rebound, down 1.24 per cent to 864,705, according to the latest job market report from Adzuna. Average salaries suffered a slight fall, slipping to £42,264 [...]
Hospitality bears brunt of job losses since October budget as costs rocket August 25, 2025 Over half of all job losses in the UK since last October’s budget have been in hospitality as the sector struggles under the weight of rising costs, according to new data. Of the 164,641 job losses in the UK since the Budget last October, almost 89,000 have been lost in hospitality. The scale of job losses [...]
Bar boss quits Labour’s hospitality group after tax concerns August 23, 2025 A top boss of a British bar chain has quit a government hospitality taskforce after facing pressure over his criticism of Rachel Reeves’ tax agenda. Alex Reilley, the chairman of Loungers, has exited the Hospitality Sector Council (HSC) after receiving backlash from civil servants for publicly criticising Labour’s economic policies, The Telegraph reported. “I was [...]
UK gilt yields suffer from dwindling investor appetite August 22, 2025 UK gilt yields have gradually moved higher over August, as investor concerns over government borrowing costs and wider economic conditions continue. While daily movements have been small, the monthly performance shows a notable sharp spike in yields, with long-dated gilts in particular recording a steep increase. UK yields are now 1.5 per cent higher than [...]
UK banks carry out sweeping branch closures as customers go digital August 22, 2025 Some of the biggest traditional banks have shut more than one in three of their UK branches over the past five years as they turn away from the high street and dash to bulk up their digital offerings. Data from the Office of National Statistics (ONS) shows the number of bank, credit union and building [...]
HMRC set to crack down on pension tax relief August 22, 2025 HMRC is stepping up its scrutiny of pension tax relief claims from higher earners, as part of a broader effort to maximise revenue collection