In November 2024, business confidence in the U.K. dropped to its lowest point since January 2023, as reported by BDO, a business advisory and accountancy firm. Concurrently, KPMG noted that UK job vacancies decreased at the quickest pace since the pandemic began. This downturn coincides with warnings from businesses thatRead More →
The UK economy expanded by just 0.1% from July to September 2024, as announced in the most recent official data release. The growth was less than anticipated, and the Office for National Statistics (ONS) reported that most sectors experienced subdued activity over the quarter. Labour, having prioritised economic growth uponRead More →
Tax Reforms Increase in VAT: Adjusting the Value Added Tax (VAT) rate could generate substantial revenue. Pension Tax Relief: Limiting pension tax relief to the basic rate of income tax could raise around £15 billion per year. Pension tax relief raid. Windfall Tax: Increasing the windfall tax on the profitsRead More →
The U.K. logged a record £16.7 billion net budget surplus in January 2024, according to official figures released on Wednesday 21st February 2024 The Office for National Statistics noted that the country’s public finances usually run a surplus in January, unlike during other months, as receipts from annual self-assessment taxRead More →
Some of the main takeaways from the chancellor’s autumn statement November 2023 National Insurance rate cut from 12% to 10% from 6 January, affecting 27 million people. The 75% business rates discount for retail, hospitality and leisure firms in England extended for another year. Class 2 National Insurance – paidRead More →