Healey corrects Treasury colleague as he confirms employers are ‘working people’ Politics John Healey has distanced himself from remarks made by his colleague, the Treasury minister Emma Reynolds, as he confirmed employers did count as working people. Over the weekend, Reynolds told broadcasters that she did not believe employers counted as “working people” under the Labour manifesto’s definition as “they are companies”. She added that there was [...]
Rachel Reeves claims £66bn tax raid made UK ‘stronger’ Economics Rachel Reeves has launched a defence over her two tax-heavy Budgets, claiming they enabled a “stronger fiscal buffer” and shifted the “tax system towards rewarding work”. In her first major speech since been ousted as Chancellor, Reeves said she made “difficult choices” that were “not without controversy” but defended them as helping end the UK’s [...]
Voters expect ‘no difference’ to UK economy after Healey’s modest Budget Economics John Healey’s Budget will make “no difference” to the UK economy, voters have said, as concerns over stealth taxes and defence spending overshadowed a series of giveaways in the Chancellor’s maiden fiscal statement. Polling by City AM/Freshwater Strategy showed that about half of voters expected the Budget to make “no difference” to Britain’s economic fortunes. [...]
BCG faces HMRC tax probe in consulting sector crackdown November 2, 2026 Boston Consulting Group (BCG) is the latest professional services firm to be scrutinised by HMRC over its partnership structure and tax calculations for senior staff. The tax authority is conducting an inquiry into how the consulting group determines whether its partners are technically self-employed or employees for income tax and national insurance contribution (NIC) purposes, [...]
HMRC coming for footballers and will scour Instagram for tax intel November 1, 2026 Buried away in the documents released alongside the Budget was a new report published by HMRC that reveals sports professionals and those involved in professional football such as players and agents are to become even more of a focus area for the Treasury. Coupled with the Chancellor’s announcement of new investment in HMRC compliance activity [...]
Natwest shares slump after muted quarter October 30, 2026 Natwest shares fell after the bank delivered its third-quarter following a muted quarter for profit growth. The FTSE 100 bank recorded a pre-tax profit of £2.2bn, broadly in line with internal consensus and up 1.9 per cent from the same period last year. Its stock fell some four per cent to 611p in early trading. [...]
Why the City isn’t buying a ‘time-limited’ bank tax hike October 30, 2026 John Healey may have opened Pandora’s Box with an increase to the UK bank surcharge. Samuel Norman looks at whether he will resist the temptation to extend it. Few things in British politics have proved to be as permanent as a “temporary” tax. When the Conservatives introduced the 25 per cent energy profits levy in [...]
Rising welfare bill set to ‘swallow’ stealth tax revenue October 29, 2026 Rising benefit costs will “swallow” all the revenue from frozen tax thresholds that are dragging millions of workers into paying higher rates, analysis has found. The Centre for Social Justice has said that the £33bn increase in benefits spending between 2027 and 2032 will broadly match a rise in projected receipts from frozen income tax [...]
UK Finance chief: Labour must keep its promise that the bank tax is temporary October 29, 2026 Taxes introduced in response to temporary pressures have a habit of outlasting them. Labour must keep its promise on the bank tax, writes David Postings.
Natwest and Nationwide set for biggest profit hit from Healey’s bank tax raid October 29, 2026 Natwest, Nationwide and Lloyds are set to feel the biggest hit to profit from John Healey’s bank tax raid, analysts have said. The trio of British banks, which have a larger domestic focus than their peers HSBC and Barclays, are the most exposed to Healey’s doubling of the surcharge, according to analysts at RBC. The [...]