If news rumours are anything to go by, the growing Tory revolt may soon have Truss out the door. The economic ripples of the mini-budget have not only created market chaos but also alarmed the IMF. At a meeting today, the Chancellor will seek to reassure their representatives while the PM staves off the rebellion […]
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The disparity in pay across the UK is growing. For many workers, pay increases have failed to keep up with rising costs, but for many people on high wages, the last two and a half years have been very lucrative. The incoming Chancellor of the Exchequer is likely to face criticism over his move to […]
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As people across the UK are struggling to make ends meet, it isn’t only energy companies that are raking in astronomical profits. The top four grain producers, too, have been earning record profits among growing concerns about price speculation and profiteering. This has prompted calls for a windfall tax. With food prices on the rise […]
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On the back of an increase in spending on air travel, health and road haulage, the UK GDP has experienced a 0.5 per cent bounce this May after months and months of Covid-related stagnation and decrease. But the new Chancellor has warned of complacency, vowing to continue bearing “down on inflation”. And, during the first […]
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The government has announced its response to last year’s Augur review. The review proposes 53 measures and changes to the UK’s current post-18 education and funding system. The government publicised its reforms to the student loan scheme on Thursday, but they’ve quickly earned criticism. To begin with, the income threshold for repayments has been reduced […]
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The government is set to break a manifesto promise by raising taxes in order to pay for reforms to the UK’s crisis-hit social care system. Boris Johnson assured voters he had a plan to sort out social care two-and-a-half years ago while the 2019 election manifesto explicitly promised not to raise rates on national insurance, […]
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The culture secretary Oliver Dowden has hailed plans to replace EU data laws with a new “light touch” British framework as “one of the biggest prizes” of Brexit. Dowden said the new rules will deliver a “data dividend” that will boost economic growth in the digital economy. His comments come as the UK’s economic recovery […]
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Rishi Sunak delivered his second Budget as chancellor with a further £65 billion boost for businesses and workers hit by the pandemic, but the focus has been on the biggest tax rises for half a century. The Financial Times labels the budget a “spend now, tax later Budget” while the Conservative supporting Telegraph headlines their […]
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Chancellor Rishi Sunak unveiled his fourth winter economic plan in six weeks by announcing the extension of the furlough scheme until March. It means the government will pay 80% of workers’ wages with companies paying national insurance and pension contributions. Support for self-employed had also been extended and the amount increased from previous Treasury statements. […]
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Although everyone knew that the UK economy suffered a significant blow because of the lockdown, few experts expected the UK coronavirus recession to be the worst on record. The latest ONS figures show that GDP is 17.2 per cent lower now than it was in February. A country is in recession if the economy shrinks […]
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