Angela Rayner’s ambitious overhaul of workers’ rights could burden UK employers with nearly £5 billion in additional costs each year, according to an impact assessment published by the government. The reforms, proposed in the Employment Rights Bill, could result in businesses raising prices, cutting back on wages, or reducing investment as they grapple with a […]
Chancellor Rachel Reeves’s upcoming Budget risks pushing the UK towards having one of the least competitive tax systems in the developed world, according to a major new analysis by the US-based Tax Foundation and the UK’s Centre for Policy Studies (CPS). The report warns that if Labour introduces a widely expected capital gains tax increase, […]
Small businesses in southeast England are benefitting from a strong recovery in bank lending, leaving the rest of the UK trailing behind, according to new research from the British Business Bank. Lending to businesses in the region surged, driving a 21% rise in approved loans and overdrafts across the UK in the first half of […]
Gold prices surged past the $2,700-per-ounce mark for the first time on Friday, as escalating tensions in the Middle East and ongoing global economic uncertainty drove demand for the precious metal. By Friday evening in New York, gold had risen 0.8% on the day to reach $2,713.70, marking a weekly gain of 2.1%. So far […]
A record number of UK businesses are facing significant financial distress, underlining the precarious state of the economy as Chancellor Rachel Reeves prepares to unveil her first budget on 30 October. A report by Begbies Traynor, the insolvency specialists, revealed that 632,756 companies were at substantial risk of failure in the three months leading up […]
With the Labour government set to present its first budget on 30 October, anticipation is mounting as businesses and individuals alike brace for potential tax changes and spending shifts. Chancellor Rachel Reeves has made it clear that tax hikes are inevitable, framing them as necessary for restoring fiscal and economic stability. In her address at […]
Investors are withdrawing money from their pension pots in increasing numbers, fearing potential tax rises in the upcoming budget. AJ Bell, one of the UK’s largest DIY wealth managers, has reported a significant uptick in pension withdrawals, as clients move to secure tax-free lump sums ahead of possible changes by the government. Michael Summersgill, AJ […]
Excessive regulation could turn the City of London into a “graveyard” by stifling innovation and risk-taking, Sam Woods, chief executive of the Bank of England’s Prudential Regulation Authority (PRA), has warned. Speaking at the City’s annual banquet at Mansion House, Woods cautioned that while financial regulations are necessary for stability, over-regulation could suffocate the financial […]
HMRC has ramped up its enforcement of National Minimum Wage (NMW) compliance, resulting in £13.7 million in penalties levied against employers during the 2022/23 tax year. This enforcement push follows the government’s increasing focus on NMW violations, supported by a doubling of HMRC’s enforcement budget to £27.8 million compared to 2015/16. A recent report by […]
Whitbread, the owner of Premier Inn, has announced plans to return more than £2 billion to shareholders over the next five years while boosting profits by at least £300 million. This comes despite a 22% decline in pre-tax profits for the first half of the year, as the company faces softer demand in the UK […]