23 h. ago Reeves to freeze thresholds after ditching planned income tax hike – reports

The Chancellor is understood to have U-turned after improved forecasting from the Office for Budget Responsibility.

Politics

32 h. ago Raise personal tax allowance for state pensioners from £12,570 update as key threshold looms

Concerns are growing that Chancellor Rachel Reeves could freeze the threshold for longer - meaning those on basic pensions would pay tax

Economics

34 h. ago Treasury won’t cut threshold for higher rate income tax, say sources – UK politics live

Fallout continues over budget income tax U-turn, with Treasury saying expected fiscal gap has dropped to £20bnThis is from Helen Miller, director of the Institute for Fiscal Studies thinktank, on the market reaction to the chancellor’s reported budget U-turn.Investors will have 2 broad concerns about news that Chancellor won’t increase income tax rates1. Does it signal less willingness to do politically difficult thingsBritain’s long-term borrowing costs were sent soaring as reports suggested the latest U-turn would leave Rachel Reeves scrambling to fill a gaping black hole in the nation’s finances just two weeks before the 26 November budget.Yields on 30-year UK government bonds, also known as gilts, jumped as much as 14 basis points in early trading, and the yield on 10-year gilts also shot up 12 basis points – rising the most since July. Continue reading...

Politics

47 h. ago 'Stealth tax' alert: Reeves Budget to make record 10m pay Income Tax higher rate if she freezes thresholds

A further two-year freeze on Income Tax thresholds would drag 790,000 more people into paying the 40% higher rate, according to the IFS

Economics

47 h. ago How 1million will pay tax for the first time if Budget raid goes ahead – min wage and pensioners will be hit hardest

A MILLION extra people will be dragged into paying income tax if Rachel Reeves presses ahead with a punishing stealth rise, a new report reveals. Pensioners and minimum wage earners face being hit by tax thresholds being frozen for a further two years to help balance the books. Income tax thresholds are frozen until 2028, so...

Economics

5 d. ago ‘Mommy’s got her phone’: A House of Dynamite is good on nuclear threat – and great on smartphone reliance

The Netflix film graphically highlights the importance mobiles bring to both work and home life, as well as their potential to wreak havoc on a global scaleSince its release, A House of Dynamite has triggered its own fallout over how accurately the film depicts the government’s immediate response to a nuclear attack of unknown origin. Could a missile fired from the Pacific really reach Chicago in just 18 minutes? Is the decision to retaliate solely in the president’s hands?In particular, the Pentagon has challenged the film’s suggestion that US-launched interceptor missiles have only a 61% success rate at shooting down incoming intercontinental ballistic missiles, insisting that the real figure is 100% in testing. (The nonprofit Center for Arms Control and Non-Proliferation puts it even lower than the film, at 55%.) Continue reading...

Events

5 d. ago US senators strike deal in first step to ending government shutdown

Small group of Democrats joins Republicans in advancing bill to reopen government after record budget impasse

Events

7 d. ago More than 1mn paid highest rate of tax last year due to frozen thresholds

Fiscal drag accounts for two-thirds of those paying the additional rate of income tax

Politics

9 d. ago Millions of state pensioners set to lose 'unfair' perk due to 'stealth tax'

One group of the population are being hit with what many claim to be an 'unfair' tax, which could directly target pensioners finances as soon as next April, according to an expert

Economics

1 week ago How a Zohran Mamdani policy could transform New York and beyond by eliminating costly issue affecting millions

To fund his policies, Mamdani has proposed an increase of the state’s corporate tax rate and raising the city’s income tax by 2 percentage points on New Yorkers earning more than $1 million a year

Economics

1 week ago I won't quit even if I break my promise not to raise tax, Rachel Reeves says

The Chancellor hinted she is considering the first rise in the basic rate of income tax for half a century, saying 'we will all have to contribute' at the November 26 Budget.

Politics

1 week ago Anas Sarwar challenges John Swinney to use £1 billion underspend as Holyrood braces for UK Budget

The rate of income tax paid by workers in Scotland is set by Holyrood but a hike elsewhere in the UK could still have a negative impact on public spending north of the Border.

Economics

1 week ago See how much Income Tax hike could cost YOU as Reeves refuses to rule out rises

You currently pay the basic 20% rate of Income Tax when you earn above £12,570, then the higher rate of 40% income tax kicks in on earnings above £50,270

Economics

2 w. ago See how much Income Tax hike could cost YOU as Starmer refuses to rule out rises

You currently pay the basic 20% rate of Income Tax when you earn above £12,570, then the higher rate of 40% income tax kicks in on earnings above £50,270

Economics

3 w. ago Here comes my Budget... and you're not going to like it! Rachel Reeves braces Brits for more tax misery as she blames Brexit

Rachel Reeves admitted the economy is 'not working as it should' and she does not 'like' the situation as government borrowing hit a new post-Covid high.

Economics

3 w. ago Rachel Reeves tells business leaders Brexit is to blame for UK economic woe as fears mount over Budget raids on 'wealth' and pensions after borrowing hits new high

The Chancellor admitted the economy is 'not working as it should' as government borrowing hit a new high, but denied it was 'broken'.

Economics

3 w. ago Stealth inheritance tax rises lead to record £4.4bn take for Treasury

The boost to the government’s coffers is in part due to frozen thresholds which have remained in place for years

Economics

3 w. ago Fears mount over Budget raids on 'wealth' and pensions after government borrowing hits new high

Public sector net borrowing was £20.2billion last month, £1.6billion higher than the same period a year earlier.

Economics

3 w. ago Inheritance tax receipts on track to reach record high this year as frozen thresholds drag more people into the net

IHT is expected to deliver the Treasury a record £9.1bn this tax year, the Office for Budget Responsibility forecast earlier this year.

Politics

3 w. ago More woe for Reeves as government borrowing hits new September record outside of Covid with MPs clamouring for 'wealth taxes' at Budget

Public sector net borrowing was £20.2billion last month, £1.6billion higher than the same period a year earlier.

Economics