IFS warns new GDP and tax receipt forecasts will be revised downward March 20, 2022 The UK’s budgetary watchdog is expected to next week downgrade its forecasts for future GDP growth and government tax revenues, according to the head of the influential Institute for Fiscal Studies (IFS) think tank. IFS director Paul Johnson said today that Rishi Sunak’s spending plans from the October budget will now be “worth an awful [...]
Soaring inflation is UK’s main financial concern March 20, 2022 Soaring inflation is the top financial concern for UK adults, in both the long and short term, according to new research from M&G Wealth. A quarter (25 per cent) of UK adults cited soaring inflation as their main financial concern over the coming year, according to a survey of 2,000 people. A further 18 per [...]
Sunak says ‘of course’ he will provide more help for families facing rising energy bills March 20, 2022 Rishi Sunak has said that “of course” he will help households dealing with further increases in energy bills as a result of the Russo-Ukrainian war. The chancellor said that he will “stand by” people facing the cost of living squeeze in “the same way I have done in the last couple of years”. Sunak will [...]
Treasury to reveal £40bn tax boost as Sunak faces calls to further tackle cost of living March 20, 2022 The Chancellor is preparing for a £40bn boost to the Treasury from higher tax receipts as industry and campaign groups call for more solutions to tackle the cost of living. Rishi Sunak is expected to reveal better borrowing figures than previously forecast, alongside higher tax revenues and a slimmer debt-to-GDP ratio in 2021-22. The figures [...]
Russia-Ukraine war raises spectre of UK recession March 14, 2022 Russia’s invasion of Ukraine risks plunging the UK economy into recession by propelling inflation to historic levels, according to a new report released today. Soaring food and energy prices triggered by the conflict could send the cost of living for the poorest households in the UK above 10 per cent, research published today by the [...]
Softbank’s internet arm teases plans for launch of NFT marketplace March 10, 2022 Japanese investment giant Softbank Group is cashing in on the NFT craze with the launch of a new marketplace.
Russia-Ukraine war to deliver £90bn blow to UK economy March 8, 2022 Russia’s war with Ukraine will deal a £90bn blow to the UK economy driven by a worsening cost of living crunch sending the British consumer into retreat, reveals fresh forecasts published today. Soaring energy prices as a result of Moscow sending troops in Ukraine will feed already historic high inflation in Britain, heaping even further [...]
Discount retailers benefit from cost of living crunch as shoppers head to Aldi and Lidl March 1, 2022 Grocery price inflation hit a new high of 4.3 per cent last month, with budget supermarkets luring shoppers in as the cost of living intensifies. Fresh data from Kantar reveals the fastest rate of inflation since September 2013, with the exception of the start of the pandemic when households panic bought essentials. Aldi and Lidl [...]
Public sector debt climbs to record £2.32 trillion: 94.9 per cent of Britain’s GDP February 22, 2022 Government borrowing hit a surplus of £2.9 billion in January, reversing a £2.5 billion deficit in the same month a year earlier, according to official figures published this morning. The Office for National Statistics (ONS) said public sector borrowing from the end of March to December was £138.5 billion – the second highest since records [...]
MPs: Pubs need tax overhaul to thrive in post-pandemic recovery February 9, 2022 A cross-party report has urged the government to overhaul the tax system in order to help the pub industry recover from its pandemic woes. The All-Party Parliamentary Group on Pubs (Pubs APPG) heard from more than 15,000 publicans, consumers and sector bodies. The group examined the impact of the Covid pandemic on pubs and what [...]