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 […]
Eric Schmidt, former chief executive of Google, has warned that excessive regulation and bureaucracy are holding back the UK’s economic growth and progress towards its net zero goals. Speaking at Sir Keir Starmer’s investment summit, Schmidt suggested the UK government would benefit from appointing a “minister of anti-regulation” to tackle these issues, which he believes […]
New polling suggests that over half of Britons (52%) support increasing taxes on online gambling, with many prioritising a hike in gambling duties over other taxes such as income tax, VAT, and fuel duties. This comes as the Social Market Foundation (SMF) releases a report advocating for a significant increase in Remote Gaming Duty from […]
The Alan Shearer Foundation has received a substantial boost, with £23,500 raised by workplace technology specialist Agilico during the Great North Run. The funds will support the Foundation’s work in providing vital facilities and therapies for people with diverse abilities and acute sensory impairments. Agilico, which took all 35 charity places for the run, saw […]
Chancellor Rachel Reeves is facing pressure from lobbyists representing the UK’s 74,000 non-domiciled residents (non-doms) to scale back her planned tax changes, ahead of her upcoming budget. The newly formed group, Foreign Investors for Britain, is set to meet with government officials this week to urge a reconsideration of Reeves’s proposed overhaul of the non-dom […]