Extra 125,000 workers will pay National Insurance in ‘stealth tax’ hike March 20, 2022 An extra 125,000 people will have to pay National Insurance under Rishi Sunak’s current tax plans, new research has revealed. Research compiled by the Liberal Democrats, using figures from the House of Commons library, suggest that employees face an extra £1.1bn hit through a “stealth tax” if Sunak does not increase the current threshold by [...]
P&O Ferries’ move to sack 800 staff was ‘awful’, says Sunak March 20, 2022 P&O Ferries’ move to sack 800 staff this week was “apalling” and “wrong”, Rishi Sunak has said today. The chancellor said he would now be investigating whether the actions of P&O were legal. The shipping and logistics firm, which is owned by Dubai-based DP World, told 800 workers over Zoom that they had been made [...]
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 [...]
Hospitality chiefs call on Sunak to reverse VAT hike or leave London businesses ‘unviable overnight’ March 20, 2022 Hospitality heads have said the government’s plans to increase VAT from current rates of 12.5 per cent to highs of 20 per cent at the start of next month will see some London businesses “become unviable overnight.” Industry chiefs warned that Chancellor Rishi Sunak’s plans to hike consumer taxes on food, soft drinks, accommodation, and [...]
The Nuclear Option: Ministers weigh up state company as Sunak doubts UK energy strategy March 20, 2022 Government ministers are mulling over plans to launch a state-owned nuclear company while Suank questions power plant ramp-up.
British Chambers of Commerce urges Sunak to help businesses facing rising costs March 20, 2022 The British Chambers of Commerce has called on Rishi Sunak to help businesses facing rising energy costs as it warns of a “cost of doing business” crisis. BCC director general Shevaun Haviland today urged the chancellor to scrap the planned rise in National Insurance Contributions for employees and employers next month and to implement an [...]
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 [...]
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 [...]