Rachel Reeves’ stealth tax raid to slap extra £7,000 on high earners August 21, 2025 Rachel Reeves would force Britain’s high earners to face a mounting tax burden if she opts to extend the freeze on income tax thresholds in the autumn Budget. The Chancellor would slap an extra £7,000 in income tax on Brits earning over £100,000 if the freeze is maintained, analysis from wealth manager Rathbones reveals. An [...]
Work and study visas fall in push to reduce immigration August 21, 2025 Work visas issued to migrants have fallen by 36 per cent compared to last year, fresh data has revealed, as tightened rules on skilled workers and care providers have lowered the numbers of people arriving in the UK. The Labour government is under considerable pressure to cut net migration from previous peaks of nearly one [...]
Tax-free pension lump sum could be slashed to fill Labour’s black hole August 21, 2025 Tax-free lump sum withdrawals from pension pots could be slashed as Rachel Reeves scrambles for fresh ways to plug a £50bn hole in the public finances. The Chancellor is reportedly eyeing a cut to the amount of money pensioners can withdraw from their savings pot without paying tax to as little as £40,000. That would [...]
UK government borrowing since April hits £60bn August 21, 2025 The UK government borrowed a total of £1.1bn last month, according to the Office for National Statistics (ONS), compared to £2.3bn last year and below the fiscal watchdog’s £2.6bn forecast. The total deficit hit £60bn in the months since April, which is £6.7bn more than in the same four-month period of 2024 and the third-highest [...]
Law firm partners’ pay rockets past rest of UK workforce August 20, 2025 Partners at British law firms have seen their income rise over twice as fast as the rest of the UK workforce over the last five years. According to data shared with City AM by Bowmore Wealth Group, the income of law firm partners rose 42 per cent to an average of £307,000 over the last [...]
Atom chair: Big banks don’t know their role in economic growth August 20, 2025 The chair of digital bank Atom has slammed Britain’s banking giants for failing to drive the country’s economic ambitions. Lee Rochford, who had tenures at Virgin Money, RBS and BNP before Atom, said it was “increasingly unclear what role [top banks] are playing in driving better customer outcomes or supporting UK economic growth”. Chancellor Rachel [...]
No more interest rate cuts expected as inflation runs ‘miles above target’ August 20, 2025 No further interest rate cuts are expected to be made this year after inflation in the year to July was higher than economists forecast. Markets had priced in a 50 per cent chance of an interest rate cut being made at the Bank of England’s November meeting before fresh price growth data was published on [...]
House prices recover after stamp duty hit August 20, 2025 House prices are rebounding from a post-April decline caused by Chancellor Rachel Reeves’ hike to stamp duty, official data has shown. The official house price index rose by 3.7 per cent in the year to June, according to the Office for National Statistics (ONS), which was higher than 2.7 per cent growth seen in May. [...]
Inflation tops forecasts as food prices jump August 20, 2025 Inflation jumped in July, official data has suggested, creating a dilemma for Bank of England officials ahead of the central bank’s next policy meeting in September. The Office for National Statistics (ONS) said consumer price index (CPI) inflation hit 3.8 per cent in the 12 months to July, which is on par with the Bank [...]
Reeves warned tax reform would be ‘rushed’ and lead to snags August 20, 2025 Chancellor Rachel Reeves’ efforts to fast-track tax reforms in the three months leading to this year’s Autumn Budget risk being “rushed” and putting Britons at a disadvantage, senior tax advisers have warned. Treasury officials are reportedly “racing” to find tax reforms to ease the burden on businesses and individuals while improving productivity forecasts from the [...]