The UK government received £11.8bn in tax revenue in July, surpassing the Office for Budget Responsibility’s (OBR) March prediction of £9.9bn. This increase is largely due to self-employed workers making their second payment of the year to HMRC. The Office for National Statistics (ONS) noted that higher receipts in July typically lead to higher receipts …
In a critical report, Members of Parliament have expressed their disappointment with the government’s decision to close the Office of Tax Simplification (OTS). Former Chancellor Kwasi Kwarteng abolished the OTS in September 2022, and his successor Jeremy Hunt chose not to reinstate it. The report emphasizes that disbanding the independent champion for simpler tax suggests …
The Government has proposed that the pensions industry may be able to negotiate lower fees with private equity firms. Under the suggestion, annual management costs would be reduced to just 1%, while performance fees would be set at 10%. Laura Trott, the minister for pensions, emphasized that returns on investments could vary. Furthermore, she stated …
A new framework called “value for money” is being developed to assess the competitiveness of pension schemes. This framework will provide a standardized and transparent way for trustees, providers, and independent governance committees to compare schemes. The implementation of this framework will begin with default workplace pensions, and then will extend to drawdown, non-workplace, and …
Annual Consumer Price Index (CPI) in Britain experienced a slowdown in July, dropping to 6.8% from 7.9% in July 2022. This decrease was mainly influenced by the significant decrease in gas and electricity prices. However, it should be noted that the current inflation rate is still the highest it has been since March 1992, and …
The debanking of customers in the aftermath of the Nigel Farage scandal is now the subject of investigation by the City watchdog. Taking action, the Financial Conduct Authority (FCA) will be contacting over 25 of the largest banks and building societies in the UK, requesting information regarding account closures. The FCA is specifically interested in …
Jeremy Hunt has recently opened up about his personal battle with skin cancer and his brother’s recent diagnosis. The Chancellor emphasized the importance of early diagnosis and called for increased efforts in this area, as well as advancements in treatment development. Last year, Mr. Hunt revealed that cancer had significantly impacted his family, with him …
The UK government’s approach to public pay settlements is firm and robust, according to Work and Pensions Secretary Mel Stride during an interview with LBC. Recent figures from the Office for National Statistics (ONS) reveal that private sector pay grew by 7.7% in the three months leading up to May, marking the fastest pace on …
The Impact of Covid-19: A Large Percentage of Over-50s Who Left Jobs Now Living in Poverty, Reveals Think-Tank Nearly half of 50- to 70-year-olds who left employment in 2020-21 are now considered to be in relative poverty The Institute for Fiscal Studies suggests that individuals were forced into early retirement as a result of the …
Last week, Mr. Farage expressed his frustration after his bank accounts were closed abruptly and other high street lenders refused to accept his funds. Similarly, Reverend Richard Fothergill, an Anglican vicar, claimed that his Yorkshire Building Society account was shuttered shortly after he complained about the bank’s messaging during Pride month. While Yorkshire Building Society …