Brits now more concerned about state of UK economy than before budget, polling finds Economy More than a third of Brits surveyed say the budget last week made them more concerned about the state of the UK’s economy. Chancellor Jeremy Hunt unveiled his spring statement in the House of Commons last week in light of rosier economic projections and within the government’s self-imposed fiscal rules. He focused on childcare reforms, [...]
Pension pain: Savers who bought lifetime allowance ‘protection’ warned they may still find their tax-free lump sum capped Pensions confusion Chancellor Jeremy Hunt’s decision to scrap the pension lifetime allowance (LTA) in Wednesday’s Spring Budget, was heralded as an incentive for wealthier employees over 50 to stay in the workforce. But some pensions experts say for those who took out a form of LTA protection may still have to watch they do not go over [...]
Recession off the cards, getting over 50s ‘back to work’, strikes and banks take stock – the five best read stories on City A.M. this week Best read stories on City A.M. It was the week UK Chancellor Jeremy Hunt laid out his first Spring Budget, but as pension savers and taxpayers looked on, fears of a recession appeared to fade, although the sagas of banks Silicon Valley Bank, Credit Suisse and on-going strikes raged on; here are the stories readers were flocking to on City A.M. [...]
Jeremy Hunt tax hikes and weak economy to swipe £10k from Britons while wealthy reap pension rewards March 16, 2023 Britons are poised to miss out on £10,000 of income over the coming years after Chancellor Jeremy Hunt lifted taxes to their highest sustained level in history, experts have predicted. When combined with sluggish economic growth , the Institute for Fiscal Studies (IFS) has estimated that the tax take means real incomes will be at [...]
‘Wrong priority’: Labour pledges to reintroduce pensions allowance March 16, 2023 Labour says it will reverse the abolition of the lifetime pensions allowance limit, branding the move the “wrong priority”. Chancellor Jeremy Hunt announced plans to scrap the £1m tax free limit on lifetime savings in pensions in Wednesday’s budget. The move is aimed at keeping Brits – including top NHS staff – in work for [...]
Childcare rules: Why hitting six figures leaves high-flyers in a Parent Trap March 16, 2023 Even a £1 pay rise to £100,000 will cost young parents tens of thousands thanks to new childcare arrangements announced in the Budget
The Budget: Bring back George Osborne – we need a long-term economic plan March 15, 2023 The Tory benches cheered, the Labour frontbench booed, the SNP reminded us they were there: yes, it was pantomime in Parliament yet again yesterday, with a budget pre-trailed to the point that many of us could have had a stab at announcing it ourselves. What was more interesting was what wasn’t in it: a genuine [...]
Budget: OBR says UK to avoid recession and is on course to grow every year after short blip in boost for Jeremy Hunt March 15, 2023 Britain will avoid a much-tipped recession this year and will grow every year until 2027 after a short blip, a massive reversal from economists warning of the longest contraction in a century just a few months ago, the country’s spending watchdog said today. UK GDP is on course to suffer a mild slump in 2023 [...]
Budget: Hunt burns £15 hole in smokers’ pockets as cigarette packs increase by £1.89 March 15, 2023 Smokers will see the price of cigarettes increase to nearly £15 as Chancellor Jeremy Hunt hikes up the price of tobacco for the first time since October 2021. In his Spring Budget, Hunt said that the government would look to “uprate tobacco duty” which will see the price of a 20 pack of cigarettes increase [...]
Budget: Why Jeremy Hunt needs you back at work to prevent a recession March 15, 2023 This was a budget for the workforce. It showed signs of sparking the supply side revolution that Liz Truss championed, but crashed hard in trying to get there too quickly. The Office for Budget Responsibility (OBR) thinks so. It projects the government’s collective policies designed to boost the labour market will provide a 0.2 per [...]