90,000 jobs at risk: Whitehall bloodbath looms as Boris Johnson orders ministers to sack a fifth of all civil servants May 13, 2022 Tens of thousands of Brits in Whitehall and elsewhere may lose their job as Boris Johnson has tasked ministers with cutting around 90,000 civil service positions. The Prime Minister told his Cabinet yesterday afternoon that the service should be cut by a fifth. Johnson made the demand during an away day with ministers in Stoke-on-Trent [...]
Bank of England adds Brexit critic to rate setting committee May 13, 2022 The Bank of England (BoE) has appointed a strong critic of Brexit to its key rate setting monetary policy committee.
Windfall tax would be sticking-plaster policy for a short-sighted government May 13, 2022 Nothing is certain but death and taxes, goes Benjamin Franklin’s famous quip. As war grinds on in Ukraine, we have no shortage of the former. The question occupying the Treasury today is whether one should lead to the other. Should the energy giants’ huge recent profits – a direct result of the war in Ukraine [...]
VAT revenues rise to highest amount ever as HMRC pockets £157bn in just one year May 13, 2022 HMRC collected a record £157.2bn from VAT bills in in the last tax year, a 55 per cent jump on the £101bn collected in 2020/21, after businesses were forced to make up for VAT payments they deferred during the pandemic. Accountants have told City A.M. that HMRC’s VAT income has risen sharply after the rate [...]
UK recession to hit sooner than first thought as economy unexpectedly shrinks May 12, 2022 The UK is “dangerously close” to tipping into a recession sooner than predicted due to households already cutting spending ahead of the cost of living squeeze tightening. That’s according to City economists’ assessment of weaker than expected GDP figures published today by the Office for National Statistics (ONS). The economy shrank 0.1 per cent in [...]
Deliveroo union deal branded ‘desperate attempt for positive PR’ May 12, 2022 Deliveroo has been criticised over a “publicity stunt” union deal, with investors unsure of what the move means for riders’ rights. The union announced on Thursday it was forging a “first of its kind” union recognition deal with GMB union, which has not traditionally been associated with the gig economy. The Independent Workers Union of [...]
More rate hikes are coming, Bank of England official warns May 12, 2022 More rate hikes are on the way this year as the Bank of England continues to wrestle with a historic inflation crunch, a senior official at the monetary authority has said. Sir Dave Ramsden, a member of the Bank’s monetary policy committee, told households to brace for higher borrowing costs despite new figures released today [...]
‘You can’t catch a break’: Leaseholders face high insurance fees amid cost of living crisis May 12, 2022 Leaseholders have said soaring building insurance fees amount to “daylight robbery,” amid the City watchdog’s probe of the market. The Financial Conduct Authority (FCA) was asked to review the insurance market for blocks of flats earlier this year, after housing minister Micheal Gove said he was “extremely concerned” by accelerating costs faced by leaseholders. In [...]
Oil bosses dubbed ‘the new oligarchs’ as political focus on windfall tax for energy giants grows May 12, 2022 Conservative MP Robert Halfon this morning labelled oil company bosses “the new oligarchs” as he called on the Government to hit them with a windfall tax. Speaking on BBC Radio 4’s Today Programme, he said the Government had done “a fair bit” to tackle the cost-of-living crisis but that families were still struggling with food [...]
Energy giants hold their breath as Boris Johnson refuses to rule out windfall tax and Rishi Sunak starts examining profit levy May 12, 2022 Prime Minister Boris Johnson has refused to rule out a windfall tax on the profits of the energy companies to help relieve the pressure of the cost-of-living squeeze. Chancellor Rishi Sunak has reportedly told Treasury officials to examine plans for a levy on the soaring profits of the oil and gas giants. It follows an [...]