The Tory knives are out as Jacob Rees-Mogg calls Hunt’s Budget cuts ‘undeliverable’ November 18, 2022 The Chancellor’s spending cuts may prove “undeliverable” as Jeremy Hunt faces criticism from a range of senior Tories for raising taxes as he seeks to rebuild the UK’s battered public finances. Former business secretary Jacob Rees-Mogg accused the Chancellor of taking the “easy option” in Thursday’s autumn statement rather than bearing down harder on public [...]
Nationwide’s incomes boosted by higher interest rates November 18, 2022 Nationwide Building Society today posted a more than 13 per cent uptick in its underlying profits after its incomes were boosted by higher interest rates. The Swindon headquartered building society saw its pre-tax profits for the six months ending on 30 September 2022 increase 13.6 per cent to 969m. The uptick came as Nationwide’s net [...]
Autumn Budget aftermath: Economists warn Hunt piles pressure on ‘squeezed middle’ November 18, 2022 Jeremy Hunt’s autumn statement has piled further pressure on the “squeezed middle” according to analysis from the Resolution Foundation that found tax rises would deliver a 3.7 per cent income hit to typical households. The think tank said the uprating of benefits in line with inflation would make a “huge difference to those on low-to-middle [...]
Hunt plots an ‘OK, but’ budget to spread the pain and fling it to the future November 18, 2022 As Jeremy Hunt competed for headlines with the Australian soap opera Neighbours, its theme song was unwitting inspiration for his financial plan.
We will all feel the squeeze, but squeeze too hard and tax receipts will dry up November 18, 2022 Doom and gloom was the name of the game in the run-up to the Autumn Statement. Yet the measures delivered by the chancellor ended up being more positive for hospitality businesses than many had feared. It was a pragmatic response to a turbulent economic market. Crucially, it delivered stability. The one important part missing, however, [...]
Market reaction to autumn statement a far cry from Truss and Kwarteng’s mini-budget November 17, 2022 Financial markets largely glossed over chancellor Jeremy Hunt’s £55bn worth of tax hikes and spending cuts today, a marked change from them spitting out his predecessor Kwasi Kwarteng’s mini-budget. London’s FTSE 100 closed broadly flat, edging 0.06 per cent lower, while the domestically-focused mid-cap FTSE 250 index bumped 0.05 per cent high. Most of the [...]
Hunt targets highest earners in tax grab as chancellor raises £55bn November 17, 2022 The UK’s highest earners have been targeted as a part of Jeremy Hunt’s tax grab, with the top 45p threshold of Income Tax slashed. The top tax bracket has been reduced from £150,000 to £125,140, while he has also frozen the Income Tax thresholds for the two lower brackets in a stealth hike. Hunt announced [...]
Happening today: Baggage handlers go on 72-hour strike at Heathrow November 17, 2022 350 ground handlers working for Menzies have gone on a 72-hour strike at Heathrow from today, the union Unite has announced. The workers walked out from 4am on Friday in a dispute over salaries, as union leaders said the offer made by the ground handling company was “far below the current inflation rate of 14.2 [...]
Fuller’s boosted by commuters returning to London as gov offers ‘close to zero support’ for pubs November 17, 2022 The government has not issued any “meaningful support” for the pub sector, the boss of Fuller, Smith & Turner, told CityA.M., following the autumn budget. Although the country now had a “very strong” Prime Minister and “very solid” Chancellor in place, the pub sector had been offered “close to zero support” amid a worsening economic [...]
OBR: UK is already in recession and taxes on course for post World War II high November 17, 2022 The UK is already in a recession that will burn a huge hole in the public finances, forcing the government to hike taxes to their highest level since just after the Second World War in the 1940s, the country’s fiscal watchdog warned today in forecasts published alongside Jeremy Hunt’s autumn statement. The Office for Budget [...]