5 h. ago Tax hike fears mount after government borrowing jumps in May

The ONS said borrowing surged to £17.7 billion last month, the second highest figure on record for May

Politics

5 h. ago UK grocery watchdog investigating Amazon over alleged supplier payment delays; company insolvencies jump – business live

Groceries Code Adjudicator calls on suppliers to share their experiences of working with AmazonThe number of companies collapsing across England and Wales jumped last month, in a sign of the economic pressures hitting firms.There were 2,238 company insolvences in England and Wales during the month, which is 8% higher than in April and 15% more than in May 2024.“This latest rise in corporate insolvencies reflects the harsh reality many businesses face: fragile demand is not keeping pace with rising costs. Even the increasingly-likely prospect of rate cuts in August won’t do much to fix this – insolvency levels will remain elevated for the foreseeable future.“Sectors like hospitality are having a particularly challenging time in this environment, in no small part due to the impact on labour costs of April’s National Insurance and minimum wage increases. These businesses are now approaching what are some of their peak months and will be hoping for strong trading to bolster their resili...

Economics

9 h. ago Government borrowing jumps despite boost from national insurance hike

The ONS said borrowing rose to £17.7 billion last month, the second highest figure on record for May.

Politics

61 h. ago Why Europe should hijack Nato for its own purposes | Paul Taylor

As the Trump administration’s security focus shifts towards countering China, European governments are living on borrowed timeCall it the five-for-five summit. When Nato leaders meet in The Hague next week, European allies will sign up to a phoney transatlantic bargain in which they pretend they will spend 5% of their economic output on defence and Donald Trump pretends in return that he is committed to Article 5 of the Nato treaty, the mutual defence clause that he has repeatedly undermined.The Nato secretary general, Mark Rutte, is deploying all his considerable political wiles and powers of persuasion to contrive a short, “no surprises” summit at which fundamental differences over Russia’s war of aggression against Ukraine, trade, the Middle East and liberal democratic values are deliberately excluded.Paul Taylor is a senior visiting fellow at the European Policy Centre Continue reading...

Politics

9 d. ago Reeves unveils record spending plans but experts warn of tax rises ahead

Chancellor announces £39bn boost for social housing, £29bn for NHS and £11bn for defence – and promises to close all asylum hotels as she takes a swipe at Farage and dismisses Tory warnings of a ‘cruel summer’ of tax rise

Events

9 d. ago Spending review live: Rachel Reeves to announce how she’ll spend £600bn budget as experts warn of tax hikes

Chancellor to unveil funding boosts for NHS, housing, defence and schools as she outlines Labour's spending plans until next election

Economics

2 w. ago Gaza aid points close for day as Israel warns against travel to distribution centres – Israel

Gaza Humanitarian Foundation halts limited supply of food distribution after at least 27 killed by Israeli fire as they waited for food Iran’s supreme leader on Wednesday criticised an initial proposal from the United States in negotiations over Tehran’s rapidly advancing nuclear programme, though he stopped short of entirely rejecting the idea of agreement with Washington. According to the Associated Press (AP), Ayatollah Ali Khamenei described the US proposal as “100% against the idea of ‘we can,’” borrowing from an Iranian government slogan. He also said that Tehran needed to keep its ability to enrich uranium. “If we had 100 nuclear power plants while not having enrichment, they are not usable for us,” Khamenei said. “If we do not have enrichment, then we should extend our hand (begging) to the US.” However, some nuclear power nations get uranium from outside suppliers, reports the AP. Details of the American proposal remain unclear after five rounds of talks between Iran and th...

Events

3 w. ago Experts warn tax rises ‘feel inevitable’ at Autumn Budget after jump in Uk Government borrowing

Income tax bands are different in Scotland, but the Personal Allowance of £12,570 is universal across the UK.

Events

4 w. ago Tax rises ‘feel inevitable’ after jump in Government borrowing

The Office for National Statistics said public sector net borrowing rose to £20.2 billion, its fourth-highest April figure on record.

Politics

4 w. ago More blows for Rachel Reeves as government borrowing hit highest outside Covid in April despite huge NICs raid... with signs the economy is still stalling

Embattled Rachel Reeves saw the public sector rack up £20.2billion of borrowing last month, far more than the £17.6billion analysts had expected.

Politics

4 w. ago UK government borrowing rises to £20.2 billion as pressure mounts on Rachel Reeves

The latest figure showed that the Chancellor had to borrow more money than expected over the month

Economics

4 w. ago Another hammer blow for Rachel Reeves as government borrowing soared to highest outside Covid in April despite huge NICs raid on firms

Embattled Rachel Reeves saw the public sector rack up £20.2billion of borrowing last month, far more than the £17.6billion analysts had expected.

Politics

4 w. ago Pressure on Chancellor after Government borrowing jumps to £20.2bn

The Office for National Statistics said public sector net borrowing rose to its fourth-highest April figure on record.

Politics

4 w. ago UK borrowing rises to £20.2bn, putting pressure on Rachel Reeves

April figure more than expected and comes despite increase in employer national insurance contributionsBusiness live – latest updatesThe UK government borrowed more than expected in April, underscoring the challenge for Rachel Reeves to fix public services and grow the economy while meeting her fiscal rules.With the chancellor under pressure on Labour’s tax plans, the Office for National Statistics (ONS) said public sector net borrowing rose to £20.2bn in April, £1bn more than the same month a year earlier. City economists had forecast borrowing of £17.9bn. Continue reading...

Economics