Budget 2021: Going for growth will boost pay, employment and public coffers, says REC October 27, 2021 Going for growth in today’s budget will kill three birds in one stone by boosting employment, pay and the public finances. That’s according to the chief of the representative body of the recruitment industry that contributes around £39bn to the UK economy. “In today’s budget, the Chancellor should look to boost employment, pay and the [...]
Legacy banks don’t deserve a bigger slice of the pie than fintech businesses – CityAM : CityAM October 27, 2021 Rishi Sunak plans to slash the bank profit surcharge from 8 per cent to 3 per cent. This is designed to offset the rise in corporation tax to 25 per cent in 2023, but only for the big banks. John Glenn, economic secretary to the Treasury, outlined the logic behind the move in September, stating [...]
Labour puts pressure on Sunak to ease household cost of living pressures in Budget October 26, 2021 Labour has put pressure on Rishi Sunak to do more to ease household cost of living pressures in the autumn Budget as MPs hit out at the Treasury for releasing large parts of tomorrow’s announcement early. Shadow chief secretary to the Treasury Bridget Phillipson today called on the government to cut VAT on energy bills [...]
Rishi Sunak spikes fuel hike plans October 26, 2021 Chancellor Rishi Sunak will scrap plans to hike fuel duty in the upcoming Budget, according to the Sun. The levy was due to go up next year from 57.95p per litre to 60.79p. The duty will be frozen for the second time this year. The decision follows petrol prices rocketing to record levels across the [...]
Exclusive: HMRC’s capital gains tax receipts hit record £11.5bn while Budget increase looms October 26, 2021 There has been much speculation around whether Chancellor Rishi Sunak will increase capital gains tax rates during tomorrow’s budget, which could result in business owners and individuals paying significantly more when they come to sell assets. The increase looms despite HMRC receipts from CGT having risen by 62 per cent in the last five years, [...]
All public sector workers to get pay rise after partial 2021 wage freeze October 25, 2021 Millions of public sector workers are set to get a pay rise in this week’s Budget as the UK faces increasing inflation growth. The Treasury tonight said the size of the wage increase will be determined next year after it has been given recommendations from pay review bodies. Rishi Sunak froze pay for all public [...]
Tory MPs call for UK government to pull out of global tax deal October 25, 2021 A pair of Tory MPs have called for the UK government to pull out of the global corporation tax deal, claiming it could cost the Exchequer billions in tax revenues. Backbenchers Greg Smith and Andrew Bridgen called for Rishi Sunak to reconsider his commitment to the deal, after he helped broker it at this year’s [...]
Speaker Sir Lindsay Hoyle hits out at Sunak for revealing large parts of Budget in advance October 25, 2021 Commons speaker Sir Lindsay Hoyle has lashed out at Rishi Sunak for releasing more than a dozen spending announcements in the lead-up to Wednesday’s Budget, saying that ministers would resign over similar briefings in years past. Referring to Hugh Dalton’s 1947 resignation after briefing the Budget hours before it took place, Hoyle said: “At one [...]
This week’s Budget: An overview of the £30bn of investments announced so far October 25, 2021 More than £30bn of investment has already been revealed by the Treasury ahead of Wednesday’s Budget. Chancellor Rishi Sunak said on Sunday that “(over) the last year, I’ve been focused on delivering our plan for jobs, protecting people’s livelihoods, their incomes, their jobs”. But he said he would now be “looking to the future and [...]
UK banks still stung by largest tax raid even if bank surcharge is slashed October 25, 2021 London will sting banks with the largest tax raid out of all of the world’s leading finance hubs even if the Chancellor slashes the bank surcharge at this week’s budget. UK based banks will still be hit by a 46.5 per cent levy in 2024 even if Chancellor Rishi Sunak cuts the bank surcharge to [...]