66 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

67 h. ago Streeting says striking doctors ‘extremely irresponsible’ in angry phone

Health secretary unhappy as resident doctors in England have started a five-day strike todayThis 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...

Events

5 d. ago Why is Rachel Reeves facing such a big fiscal hole in the Budget?

Shortfall of up to £30bn is due to Labour policy choices, not just adverse economic forecasts

Politics

7 d. ago HMRC could launch whistleblower reward scheme worth millions at Budget

HMRC is expected to announce the move at the Budget, in a bid to plug a fiscal black hole

Economics

2 w. ago Income tax rise not ruled out by Keir Starmer in PMQs clash on Budget with Kemi Badenoch

Millions of households are set to be hit with tax rises as Rachel Reeves seeks to plug a hole in the public finances

Economics

2 w. ago Income tax rise only way to plug extra £20bn in Budget black hole, economists warn Reeves

Economists say trying to balance the books by raising smaller taxes risks ‘unnecessary amounts of economic damage’

Economics

2 w. ago Income tax rise only way to plug new £20bn budget black hole, economists warn Reeves

Economists say trying to balance budget by raising smaller taxes risks ‘unnecessary amounts of economic damage’

Economics

2 w. ago Rachel Reeves faces '£20billion Budget black hole' as downgrade fuels tax rise fears

The Chancellor is grappling with a big headache - the UK's woeful productivity - which could trigger the need for spending cuts and tax rises in the Budget

Economics

2 w. ago Of course I'm coming back for more in the Budget, Reeves admits as she scrambles to fill £30bn black hole

The Chancellor (pictured) said she was 'of course' looking at tax increases - as well as spending cuts - as she seeks to patch up public finances in next month's Budget.

Economics

3 w. ago Tax raid on cash Isa won't raise the funds to plug Budget black hole, Rachel Reeves told

The Treasury Select Committee urged the Chancellor not to halve the current £20,000 tax-free amount amid City lobbying.

Economics

3 w. ago Rachel Reeves urged to hike taxes on HOLIDAYS at the Budget with new green levies on flights to plug £30billion black hole

The Chancellor should consider a range of levies on aviation to ensure the sector pays 'its fair share' towards Britain's Net Zero targets, according to a new report.

Economics

3 w. ago Labour's plan to cut cash Isas is a tax raid by another name, says Shadow Chancellor MEL STRIDE

The Chancellor is considering slashing the tax-free limit on cash Isas - a move that would hit millions of careful savers across Britain.

Economics