Bank of England rate-setter calls for interest rate cut May 30, 2025 A top Bank of England rate-setter has dismissed the latest spike in inflation and doubled down on calls for further interest rate cuts. Monetary Policy Committee (MPC) member Alan Taylor said the fresh inflation surge was driven by “one-off factors” related to President Donald Trump’s trade war. Whilst he said recent trade progress, with the [...]
UK business confidence bounces back from Trump’s tariff blow May 30, 2025 UK business confidence rallied in May as global financial markets made their recovery from President Donald Trump’s tariff onslaught. Lloyds Bank business barometer jumped 11 points over the last month to 50 per cent. – marking a nine month high. The lender surveys 1,200 companies and weighs up the percentage of firms that have a [...]
Civil service cull can save £5bn a year May 30, 2025 Civil service cull can save £5bn a year, Policy Exchange says Cutting 80,000 civil service jobs could save the Treasury as much as £5bn pounds a year, a new report has found, as the government seeks to rein in spending in a bid to stick to its fiscal rules. The research by Westminster think tank [...]
HMRC eyes prosecution powers in tax evasion clampdown May 29, 2025 HMRC is under pressure to recover lost revenues from tax evasion, resulting in it horning in on its criminal investigation powers.
AI watchdog slams government over facial recognition rollout May 29, 2025 An artificial intelligence (AI) search body has criticised the UK government for accelerating the deployment of facial recognition technology without first establishing a comprehensive legal framework. The Ada Lovelace Institute has warned the increasing use of live facial recognition (LFR) by police and retailers across the UK is happening in a “legislative void”, raising urgent [...]
50,000 civil service jobs could be cut in Labour spending review May 29, 2025 Civil servants are facing another round of job cuts, with as many as 50,000 civil service jobs on the line in the government’s upcoming spending review. According to reports, ten per cent of civil servants, who number 500,000 in total, will be culled. The civil service swelled after Brexit and the pandemic, with 130,000 added [...]
Barclays and HSBC shares jump after Trump’s legal blow May 29, 2025 Shares in FTSE 100 banking giants rallied on Thursday after President Donald Trump’s tariff agenda was dealt a blow from the courts. Barclays and HSBC climbed over one per cent to 328.05p and 874.50p, while Standard Chartered jumped nearly two per cent to 1,158.00p. This came as the US Court of International Trade declared Trump’s [...]
Rachel Reeves to set ‘binding’ pensions allocations in megafunds launch May 29, 2025 Rachel Reeves has confirmed plans to set “binding” allocations in pension funds as the government prepares for the launch of “megafunds” to encourage fresh investment into UK infrastructure and businesses. The Treasury said it would “take a reserve power” in the upcoming Pension Schemes Bill “to set binding asset allocation targets,” a move it said [...]
Which taxes could Rachel Reeves raise in the Autumn Budget May 29, 2025 Rising borrowing costs, u-turns on spending cuts and a wafer-thin fiscal headroom all point to one thing: Chancellor Rachel Reeves is widely expected to put up taxes later in the year. But given Labour’s manifesto commitment to avoid tax rises on “working people”, and the pain felt by businesses over National Insurance hikes, many are [...]
Reeves’ tax raids crush business confidence – but worst is yet to come May 29, 2025 Business confidence plummeted in the three months to May as Rachel Reeves’ tax hikes took hold and firms have warned more pain is to come. Consumer services’ optimism marked its eight consecutive month of decline at -42 per cent, whilst levels of business value plunged to -56 per cent. This was down from -44 per [...]