Cost of living squeeze already biting UK economy as experts warn worst is still to come March 24, 2022 The damage the cost of living squeeze is inflicting on UK households is already starting to weigh on the economy as top forecasters warn the worst effects of spiralling living standards are yet to come. A fresh flurry of data released today revealed consumers are slashing spending to alleviate pressure on their finances caused by [...]
Sunak’s decision to hike national insurance while cutting income tax is ‘indefensible’ March 24, 2022 Top economic forecasters today slammed Chancellor Rishi Sunak’s decision to push ahead with the national insurance tax hike while cutting the basic rate of income tax as “indefensible”. All of the windfall households will receive from lower income tax bills will be offset by fiscal drag and a 1.25 percentage point national insurance uplift and [...]
Potatoes are off the table with higher gas bills March 24, 2022 Yesterday, after the Chancellor unveiled his spending review, food banks pushed back as grim figures from the Office for Budget Responsibility warned of the biggest fall in household’s disposable incomes since records began. Richard Walker, the Managing Director of Iceland, gave a stark warning. He told the BBC that some food bank users were declining [...]
Rishi Sunak admits Brits face ‘challenging and uncertain’ times after Spring Budget March 24, 2022 Chancellor Rishi Sunak has said the country is facing “challenging and uncertain” times after official forecasters predicted the biggest fall in living standards on record. Following his spring statement on Wednesday, the Chancellor insisted the Government was “on the side of hard-working families”. But Labour said that he had done nothing to tackle the cost-of-living [...]
Poverty looms for 600,000 Brits after Spring Budget as benefits fall behind inflation and tax jumps March 24, 2022 Around 600,000 people will be pulled into poverty, of which around a quarter are children, according to new data shared with City A.M. this morning. In fact, families in poverty will be £446 per year worse off in 2022-23 compared to if benefits had been uprated in line with current inflation levels. Households in poverty [...]
Automotive sector in favour of relocating car manufacturing to UK March 23, 2022 The Society of Motor Manufacturers and Traders (SMMT) said today a relocation of car manufacturing back to the UK would be “good news” for the sector. “If supply chain resilience provides the opportunity to reshore more of the supply chain in the UK, we would certainly support and encourage that,” SMMT’s chief executive Mike Hawes [...]
Office for Budget Responsibility warns household energy bills could double this year March 23, 2022 Energy bills could spike 40 per cent this winter, warned the OBR, placing further pressure on cash-strapped households.
Spring statement: OBR slashes economic growth forecasts on Russia-Ukraine war inflation spike March 23, 2022 The UK’s fiscal watchdog has slashed its forecasts for economic growth this year driven by the Russia-Ukraine war sending inflation spiking. The Office for Budget Responsibility (OBR) is expecting the UK economy to grow 3.8 per cent this year, down from six per cent in its previous forecast. Russian President Vladimir Putin’s decision to send [...]
As it happened: Rishi Sunak’s Spring Budget 2022 March 23, 2022 Live updates and links to all our coverage, reactions and analyses as the Chancellor of the Exchequer, Rishi Sunak, delivers the government’s Spring Budget for 2022 . Please do get in touch and let us know your opinion via news@cityam.com or @Cityam With the cost of living crisis, rising inflation, war in Ukraine and [...]
Sunak gives National Insurance help and promises 2024 income tax cut March 23, 2022 Rishi Sunak has increased the income threshold for National Insurance in a £330 annual tax cut for employees, while also delivering a gloomy updated forecast for the UK economy. Sunak said in his spring statement that the threshold at which employees pay National Insurance will be lifted by £3,000 to £12,570 in what he called [...]