Sunak mulls VAT cut to boost economy after lockdown June 21, 2020 Rishi Sunak is reportedly considering cutting VAT rates to provide a much-needed boost to the economy after months of lockdown. The chancellor has ordered Treasury officials to draw up plans to reduce the sales tax, including a cut in the headline rate, the Sunday Times reported. Other proposals being considered include cutting employers’ national insurance, [...]
IFS: Borrowing could surge to five-year high February 26, 2020 The UK’s borrowing could balloon to £63bn next year, a five-year high well above both the most recent forecast and this year’s borrowing figure, an influential think tank has said. The Institute for Fiscal Studies (IFS) also warned that the government would “undermine any credibility” in its spending rules if it ditches its pledge to [...]
More than 1m hospitality jobs at risk without extra government support, industry warns April 23, 2020 More than 1m hospitality jobs could be lost if coronavirus social distancing measures are extended without extra government support for the sector, the industry has warned. UK Hospitality has written to Cabinet Office minister Michael Gove to urge for more support for the country’s pubs, bars and restaurants amid concerns that social distancing measures could [...]
Exclusive: Javid to make first statement since exit February 26, 2020 Sajid Javid will today make a short statement in Parliament, his first public intervention since he resigned as chancellor just under a fortnight ago. Javid stepped down after being asked to fire his aides by the Prime Minister as part of a drastic reorganisation of Number 10 and 11 Downing Street. Refusing, Javid said “no [...]
Budget 2020: Chancellor dodges fiscal rule change as borrowing rises March 11, 2020 UK chancellor Rishi Sunak has deferred a decision over changes to Britain’s spending rules, saying he will consult experts and report back in the autumn. The decision came as the chancellor announced the UK budget deficit would rise to 2.4 per cent of GDP in the 2020-21 financial year, up from 2.1 per cent this [...]
Number 10 mulls over tax on over-40s to cover social care costs March 8, 2020 Plans are being considered by the government to implement a new tax on over-40s to help fund their own old age care. The new plan, reportedly being pushed by health secretary Matt Hancock, would see workers over the age of 40 pay 2.5 per cent of their income to pay for their future old age [...]
The quiet crisis: IR35 and the UK’s forgotten freelancers July 10, 2020 In a crisis which has shaken so many aspects of our lives, it can be hard to get some issues heard above the noise. News that would once have made headlines seems to slip almost unnoticed under the radar. One such development was the quiet confirmation that changes to IR35 self-employed taxes will come into [...]
Mortgage payment holidays extended until October May 22, 2020 The financial watchdog has today extended payment holidays to support those struggling to pay their mortgage due to coronavirus. The Financial Conduct Authority (FCA) said banks can extend the mortgage holidays for a further three months up to the end of October. It comes after chancellor Rishi Sunak extended the furlough scheme to October to [...]
Coronavirus: Ryanair to ground ‘most if not all’ flights next week March 18, 2020 Ryanair has said that it will ground the vast majority of its flights from next Tuesday, only maintaining essential services between the UK and Ireland, in light of widespread coronavirus travel bans. In a statement, the budget carrier said that “most if not all Ryanair Group flights will be grounded” as passenger demand collapses due [...]
Reed chair’s fear of ‘tsunami of job losses’ turns to a bullish call rejecting a UK double-dip recession December 9, 2020 The founder and chairman of recruitment company and jobs giant Reed, James Reed has done a screeching U-turn on his outlook for the UK economy and jobs market.