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 [...]
Johnson and Sunak announce as large a tax hike in two years as Blair and Brown did in a decade March 17, 2022 In just two years, Prime Minister Boris Johnson and Chancellor Rishi Sunak have announced the same amount of tax hikes as Tony Blair and Gordon Brown did in a decade, reveals fresh research published today. The Conservative duo will swell the UK’s tax burden by around two per cent of GDP after national insurance and [...]
OECD: Russia-Ukraine war to knock global economy March 17, 2022 Russia’s invasion of Ukraine will shave around one percentage point off of global economic growth this year, reveals new forecasts by the group of rich nations. Disruption to flows of Russian and Ukrainian commodities as a result of the conflict will deliver a sharp blow to the Eurozone economy, according to the Organisation of Economic [...]
Gordon Brown joins 50 charities urging action on cost of living crisis, u-turn on ‘unthinkable’ below-inflation benefit rise March 17, 2022 Former Prime Minister Gordon Brown joined around 50 charities urging the government to urgently address the cost of living crisis, and change its mind on a below-inflation benefits rise. Pressure was growing on ministers this week not to go ahead with the rise of 3.1 per cent in the Spring statement, as inflation is set [...]
Rampant inflation to push tax bills £12bn above forecasts March 16, 2022 Rampant inflation is set to deliver an even harsher hit to households’ tax bills than first thought, reveals fresh analysis released today. A higher cost of living will result in a £12.5bn larger tax hike, piling more pressure on Brits’ already stretched finances, according to the Institute for Fiscal Studies (IFS). Chancellor Rishi Sunak’s decision [...]
UK recorded music hits a high note thanks to vinyl and CD revivals March 16, 2022 UK recorded music continues to hit a high note, with revenue up 12.8 per cent to £1.26bn following 2020’s pandemic slump.
Ofgem considers halving price cap implementation period March 15, 2022 Ofgem has revealed it could halve the implementation period for the price cap - cutting it down from two months to one month.
Ex-minister: Billions lost in Covid fraud ‘one of biggest cock-ups’ in recent history March 15, 2022 Billions of taxpayer money lost through Covid loan fraud is “one of the most colossal cock-ups in recent government management”, the ex-fraud minister has said. Lord Theodore Agnew told MPs on Westminster’s business committee that he was told to “butt out” by Treasury officials when he tried to crack down on fraudsters taking out Covid [...]
UK bans export of luxury goods to Russia and introduces hiked import tariffs March 15, 2022 The UK has banned the export of luxury goods to Russia, including designer handbags and works of art. The Chancellor also outlined new import tariffs that will represent a 35 percentage point increase on current rates. The fresh tariffs will hit products like Russian vodka, fertiliser and steel. Products no longer allowed to be exported [...]
Number of Brits in jobs up by 275,000 people to record 29.7m March 15, 2022 The number of UK workers on payrolls rose by 275,000 between January and February to a record 29.7 million, the Office for National Statistics said this morning. Grant Fitzner, chief economist at the Office for National Statistics, said: “The labour market continues to recover from the effects of the pandemic, with the number of unemployed [...]