Reforms and increases to the tax base which could raise up to £55bn a year should be implemented as part of the upcoming Budget, according to a leading think tank.
A rise in corporation tax and extensions to the Universal Credit uplift and furlough scheme are among potential government Budget moves being reported in the national press. PF rounds up the rumours.
The UK government might have to raise up to £60bn in taxes to offset Covid-19 expenses, though tax changes should be avoided in next month’s Budget, an economist has warned.
Treasury officials are looking into the implementation of an online sales tax and an ‘excessive profit’ levy, in response to the increase in online shopping resulting from Covid-19, according to...
The Bank of England has written to banks asking them to take measures to prepare for any future decision to cut interest rates below zero later this year.
Chancellor Rishi Sunak will stand by the 2019 Conservative manifesto pledge and not raise income tax, VAT or national insurance in the upcoming budget, according to reports.
Local authorities in Scotland are set to receive £11.6bn from Holyrood next year, an increase of around 3% – plus £90m to freeze council tax – according to draft budget proposals.
The UK’s economy has been weakened by significant challenges relating to Brexit, with exit from the single market set to impact medium-term growth, according to ratings agency Moody’s.
The Bank of England’s bond purchase programme is creating a “moral hazard” by funding companies which emit large amounts of carbon dioxide, according to a group of MPs.
Central government bodies’ day-to-day spending rose to £86bn last month, the highest monthly total since May, according to the Office for National Statistics.
The UK’s credit rating could decrease if the Brexit free trade agreement with the European Union undermines economic performance, according to ratings agency Fitch.
Chancellor Rishi Sunak is considering reversing historic corporation tax cuts in the March Budget and longer-term reforms to stamp duty and council tax, according to reports.
The Bank of England needs to improve its own understanding of its quantitative easing programme to improve its effectiveness, according to the bank’s internal watchdog.
As many as one in 20 local authorities in England risk financial failure as a result of a disruptive European Union Exit, according to a leaked government report.
The government has announced it is to allocate £220m of pilot funding to the UK Shared Prosperity Fund next year, to help local areas prepare for the full launch of the fund.
