Cost of living crisis: Millions of savers miss out as UK banks pocket profits from higher interest rates January 10, 2022 The UK’s major banks have failed to pass on last month’s interest rate rise to millions of savers, according to Moneyfacts.
Small businesses fear rising prices will slow the recovery January 9, 2022 Almost half of Britain’s small businesses say the increased cost of doing business is a concern for them in the new year. And across the wider economy, inflation is seen as a threat by around three-quarters. Inflation is heading north already and is expected to peak at around six to seven per cent in April [...]
UK’s green tax burden to increase by 40 per cent during Johnson’s premiership January 9, 2022 The UK’s green tax burden is set to increase by 40 per cent throughout the course of Boris Johnson’s premiership, according to new research from a think tank. The TaxPayers’ Alliance calculates that tax revenues from green taxes will rise to £16.7bn by 2023-24, when the next election is due, after they were £11.7bn in 2019. [...]
Labour calls for windfall tax on North Sea oil and gas in bid to cut energy bills January 9, 2022 Labour is calling for a windfall tax on North Sea oil and gas to pay for a series of measures that would cut household energy bills by around £600 per year for the country’s lowest wage earners. The plan, unveiled today, would see every consumer save just under £200 per year and 9m of the [...]
Tories call on Treasury to fund green energy rather than already pinched households January 8, 2022 A group Tory MPs have called on the government to fund environmental and social energy policies from Treasury money, rather than from consumer bills.
Why the energy crisis is set to derail the UK economy in 2022 January 7, 2022 A wave of concern over the swelling cost of living is sweeping across Britain. While households are bracing for higher tax bills and are already being stung by food prices leaping, it is swelling energy costs that will hit hardest in 2022. The UK’s benchmark gas prices have quintupled since January 2021, leaping from £54 [...]
Freezing personal allowance and higher rate tax rates will push 1.2m Brits over 40 per cent tax threshold January 7, 2022 New research shared with City A.M. this morning shows that over one million more people will pay a higher tax rate by 2026. The analysis by the House of Commons Library – first published in The Daily Telegraph – says around 1.2m additional workers will find their earnings going over the 40 per cent tax [...]
Octopus Energy: We don’t know how much the consumer price cap will rise in April January 6, 2022 It is impossible to predict how much household bills will rise after the next review of the consumer price cap, warned Octopus' chief executive.
Sunak recommits to April National Insurance rise amid cabinet jitters January 6, 2022 Rishi Sunak has today recommitted to April’s National Insurance rise, after it was reported that he faced cabinet backlash over the measure this week. Sunak said today the tax rise is needed to deal with “an unprecedented level of backlogs within the NHS”, after it was reported that House of Commons leader Jacob Rees-Mogg called [...]
USwitch urges government to offer more support to households amid soaring energy costs January 6, 2022 USwitch has called on the government to support vulnerable households following reports the price cap will rise to £2,000 next April.